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There are many ways you can buy goods like furniture, electronics, and other household or lifestyle goods. This includes:
- rent to buy options
- buy now, pay later agreements
- no interest loans, if you’re eligible.
If you’re thinking of renting to buy household items, it’s best to compare the costs between renting to buy and buying the item outright. You can use our rent versus buy calculator to work this out.
Buying options you can use
Overdrawn bank account
Some companies will take the money straight from your bank account or credit card on the same day each fortnight. This will happen until you pay them the full cost of the item. If you forget about the payments you may overdraw your bank account.
If you overdraw your account, your bank can take money from your account to recover the money you owe. This includes from your Centrelink payment, which our Code of Operation normally protects. If you use a buy now, pay later option, the Code of Operation won’t protect your income support payment from these companies.
The company and your bank may charge you fees too.
Keep in mind, if you don’t need your goods straight away, saving for them or using lay-by is a safer option.
Renting goods
When you rent things like a TV, fridge or washing machine, you enter a consumer lease. This will cover rental details you’ve agreed to like payment dates, amounts and timeframes. It can seem like an easy way to get goods that you can take home straight away. But there are risks.
Keep in mind, at the end of the lease, you may:
- have paid more than it would have originally cost you to buy the item
- have paid more than the item is worth
- not own the item.
Before you sign up, you should check all the costs. This includes any fees and charges on top of regular rental payments. Renting can be very expensive. You can find out more about consumer leases or, borrowing and credit on the Moneysmart website.
Tools for managing your money
We have tools to help you manage your money.
Rent vs buy calculator
Use the rent versus buy calculator to compare the costs of renting or buying something. It may help you save money. Use it before you sign any consumer lease. You may be paying much more than the item is worth. Read more about consumer leases and borrowing and credit on the Moneysmart website.
Simple money manager
If you buy multiple items with different companies, you may find it hard to keep track of your spending. You can use our simple money manager tool to check if can afford the repayments.