07/10/2026
# Rental Prices Are Going Upβ¦ Whatβs Your Plan?
**By Mortgage Broker Zubair Chishti | Melbourne, Australia**
With rental prices continuing to put pressure on Australian households, many families are asking themselves an important question: Is it time to stop renting and start planning for a home of our own?
For many Australians, every rental increase means another financial challenge. While managing everyday expenses, families are also trying to save for a deposit, build financial security and plan for their future.
But what if, instead of simply preparing for your next rent increase, you started exploring your home ownership options?
Buying a property may seem like a distant dream, particularly with rising living costs. However, understanding your borrowing capacity, deposit requirements and available finance options could reveal opportunities you haven't considered.
# # The Cost of Renting: Are You Building Your Future?
Let's consider an example.
If you are paying $550 per week in rent, that amounts to approximately $28,600 annually.
Over five years, you could pay $143,000 in rent, excluding future rental increases.
While renting provides flexibility, these payments generally do not contribute towards owning the property.
Home ownership also comes with financial responsibilities, including mortgage interest, maintenance, insurance, council rates and other expenses. However, purchasing a property may provide an opportunity to build equity over time.
The important thing is to compare your options and understand what works for your financial circumstances.
# # What If You Don't Have a 20% Deposit?
One of the biggest concerns among first-home buyers is saving a substantial deposit.
Many people believe they cannot purchase a home until they have saved 20% of the property value. However, depending on eligibility and lender requirements, alternative options may be available.
These may include:
* Eligible low-deposit home loan options.
* Government-supported first-home buyer schemes.
* Exploring lenders with different deposit requirements.
* Reviewing your borrowing capacity.
* Creating a structured savings and finance plan.
You may be closer to understanding your options than you think.
# # Five Steps Towards Your Home Ownership Plan
**1. Understand Your Borrowing Capacity**
Your income, living expenses, existing debts and financial commitments all influence how much you may be able to borrow.
**2. Review Your Existing Debts**
Car loans, credit cards and personal loans can affect your borrowing capacity. Understanding their impact may help you prepare for a home loan application.
**3. Know Your Deposit Position**
Review your savings and consider additional purchasing costs, including stamp duty where applicable.
**4. Compare Suitable Home Loan Options**
Different lenders offer different interest rates, loan features and eligibility requirements. Exploring suitable options can help you understand the costs involved.
**5. Start Planning Today**
Even if purchasing a property is 6β12 months away, having a clear financial plan can help you work towards your goal with greater confidence.
# # Renting Today Doesn't Mean Renting Forever
There is absolutely nothing wrong with renting when it suits your lifestyle and financial circumstances.
However, if owning your own home is one of your long-term goals, perhaps the most important question is not how much your rent will increase next year, but what steps you can take today to prepare for tomorrow.
You don't need to purchase a property immediately. Start by understanding your financial position, exploring your options and creating a realistic pathway towards home ownership.
As a Mortgage Broker in Melbourne, I assist clients with first-home buyer finance, home purchases, refinancing and investment property lending.
**Your rent may increase again. But your home ownership plan can start today.**
# # Speak With Mortgage Broker Zubair Chishti
π **0403 690 000**
π§ [[email protected]](mailto:[email protected])
π Melbourne, Victoria, Australia
*General information only. All finance is subject to lender assessment, eligibility, credit approval, applicable fees and lending criteria. This article does not constitute financial advice.*
