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The Great Housing Debate: Renting vs. Buying in Australia
Manage episode 429291048 series 3480017
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Past Ep - Making Housing More Affordable
Past Ep - The Blessing and Curse of Inheritance
Past Ep - Mastering Money Mindset: Balancing Logic and Emotion
Key Takeaways:
Changing Conversation on Housing: In Australia, perceptions and discussions have drastically changed, necessitating a new approach to homeownership versus renting.
"Rent money is dead money"????: Challenging long-held beliefs, renting can offer significant financial benefits, such as lower costs and greater flexibility.
Buying Costs: The interest part of mortgages is equivalent to 'dead money,' similar to rent, a reality many overlook when evaluating homeownership.
Investment Alternatives: With the high costs associated with buying property, exploring alternative investment options and savings strategies is crucial.
Future of Housing: The solution to the housing crisis lies in building more homes, rethinking government policies, and adapting to demographic changes and economic demands.
Notable Quotes:
Ben McEachen: "What has happened to the Australian dream of owning your own home?"
Pete Burrows: "Interest on your home loan is just the price of renting money off the bank."
Ben McEachen: "Renting was something you did as a stepping stone towards buying your own house. That's totally changed now."
Pete Burrows: "If parents were going to help you, it would have been to help you get into a house, but now we need to rethink our priorities."
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We love your questions. Contact the Money: Faith and Finance team and we will aim to get back to you in a future episode.
Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.
Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.
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