IT HAS been said to own your own home is the great Australian dream, but for some Gen Ys, delving deep into the savings account for a slice of lawn is something that takes a lot more consideration these days.

Paul Rehbein, lending consultant at Auswide Bank Bundaberg, said 20-somethings were staying more in the rental space at present, especially in metropolitan areas.

"This may be due to the affordability or personal preference," Mr Rehbein said.

When faced with a decision to buy or to continue renting, Mr Rehbein said the very first step was to consider your goals.

"Where do you want to be in the future? What are you short-term and long-term goals?" he said.

Mr Rehbein said for those looking for a short term solution, renting could be a great option and would possibly be a cheaper alternative than paying off a home.
"With renting, you don't have the costs of maintenance and upkeep of the home, council rates, or household building insurance to worry about," he said.

"It does give you some freedom, being that you are not in a long-term commitment."

Buying a home could have its benefits too, with Mr Rehbein saying, at the end of the day, the home is yours.

"With buying your own home, it gives you the ability to own your own home and not pay off someone else's asset," he said.

"You have the ability to make improvements to your home, and over time, with general property appreciation, return more value to your asset."

Mr Rehbein said when deciding on whether to rent or buy, it was important to consider commitment and lifestyle.

"Buying a home is a long-term commitment and is something that needs to be considered for yourself and your lifestyle. You would also need to consider, 'how long are we going to be here?' and 'if we sell, will we get a return on our asset'," he said.

"With renting a home, there may be the risk of instability, being that home could be sold which could mean that you need to relocate."

If you are considering delving into the property market, Mr Rehbein said now was a good time, with lending to buy the most affordable it had ever been.
"Lending rates are at the lowest we have seen," he said.

"Many institutions are able to assist first home owners into the market with 5% deposit loans, and the ability to assist with options like parental guarantees."