Much Cheaper to OWN Than Rent - Get Out of the Rent Trap.
Much Cheaper to OWN Than Rent - Get Out of the Rent Trap. If you’re renting right now, you’ll know one thing for sure - rent isn’t cheap anymore.
A typical 3-bedroom home is now around $570 a week*, and for many people it’s even more than that.
That’s good money going out the door every week - and at the end of it, you don’t own a thing.
Let’s look at why more and more first-home buyers are realising that owning a home actually makes more sense.
🏠 RENTING VS OWNING - REAL NUMBERS
👉 RENTING
3-bedroom home at $570 per week
$29,640 per year
$296,400 over 10 years
What do you have to show for it?
Nothing - except higher rent every year
Your landlord, though? They’re using your rent to pay off their mortgage.
👉 OWNING
Let’s say you buy a home for $500,000 - very realistic in Christchurch.
10% deposit - $50,000
Loan - $450,000
Interest rate - 4.99% fixed for 2 years
Loan term - 30 years
💡 Weekly mortgage repayment - roughly $560 per week
That’s around the same as rent - but here’s the big difference.
🔑 AFTER 10 YEARS - WHAT HAVE YOU GOT?
Renting for 10 years
Paid around $296,000
Own nothing
Owning for 10 years
Paid similar weekly money
Around one-third of your mortgage is paid off
You’ve built real equity in your home
That’s the difference between dead money and money working for you.
🏡 YOUR HOUSE BECOMES YOUR SAVINGS JAR
When you pay rent, that money’s gone.
When you pay a mortgage, you’re paying yourself.
Think of it like this - every week, a chunk of your payment goes into a big savings jar called “your house.”
👥 GET A BOARDER OR FLATMATE
If you’ve got a spare room, a boarder’s rent can help cover your mortgage - meaning you pay less out of your own pocket, while still building equity.
That’s exactly what landlords
🧾 WHAT ABOUT THE DEPOSIT?
You don’t need 20% anymore.
✅ KĀINGA ORA FIRST HOME LOAN
Buy with as little as 5-10% deposit
Government backed (if you qualify)
✅ KIWISAVER
If you’ve been in KiwiSaver for 3 years or more
You can usually use most of it toward your deposit
📋 GET PRE-APPROVED - THEN GO HOUSE HUNTING PROPERLY
Pre-approval means
You know exactly what you can afford
You can make an offer with confidence
Agents and sellers take you seriously
And best of all - my service is free.
No pressure, no jargon - just straight-up advice and a clear plan.
☎️ LET’S MAKE A PLAN - NO OBLIGATION
If you’re renting in Christchurch and wondering if owning is possible, let’s sit down and run the numbers properly.
* Average Christchurch 3-bedroom rental figure based on current NZ rental market data (KiwiCost, NZ Rental Market Report 2025: https://kiwicost.co.nz/blog/nz-rental-market-2025)