Why Rent When You Can Buy?

With the imminent arrival of the NewQuay Central Park, the revival of Harbour Town shopping centre and the much anticipated arrival of a primary school, it’s not hard to see why NewQuay is growing in popularity and population.

MAB’s most recently completed project, Promenade Aqui, has proven enormously popular with the rental market, not only because of its waterfront location but also its larger apartment sizes and communal facilities help to make it the perfect home and provide the ultimate Docklands lifestyle.

But have you ever considered how much you’re spending in rent compared to mortgage repayments if you were to buy? In most cases there is very little difference in cost and what better way to purchase a brand new apartment without having to wait up to two years during construction.

Take apartment 407 at Aqui for example. A one bed, 1 bath apartment with an advertised rental yield of $390 per week. According to the below calculations, weekly mortgage repayments work out to be practically the same.

Purchase Price $370,000
20% deposit $74,000
Total amount borrowed $296,000
Interest rate 5.36%
Monthly repayments $1,665
Weekly repayments $384

*calculations done on https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mortgage-calculator#!how-much-will-my-repayments-be

 

There is a limited selection of Promenade Aqui apartments still available at a variety of price points and sizes. If you’ve been renting in NewQuay and have been thinking owning your own apartment contact our sales team today on 1300 137 590 or via email here.

Disclaimer

The information contained in this document is indicative only and has been prepared by MAB Corporation Pty Ltd (ACN 065 207 230) (and on behalf of its related entities) solely for information purposes. The information contained herein has been prepared in good faith and with due care. We do not warrant the accuracy of information contained in this article and do not accept any liability for any error or discrepancy or negligence or otherwise in the information.

Nothing contained in this document is to be construed as professional advice. Prospective purchasers must rely on their own enquiries, legal advice, and financial advice and carefully review the plans and specifications within the contract of sale prior to purchase.

 

Return to News