Many rent payments are now the equivalent of mortgage repayments amid Australia’s escalating property crisis.
Many who can comfortably manage their rent could also afford the mortgage on the same property.
However, the 20 per cent deposit has put homeownership out of reach for most renters.
Sky News Australia was joined by Property Agent Eric Wong to discuss rent payments.
Mr Wong said the “problem is the twenty per cent deposit”.
“For a normal $600,000 apartment, the deposit you need to save $120,000.”