First home buyers rejoice — it's now cheaper to buy than rent in nearly 200 towns and suburbs across New Zealand.

That includes Auckland Central, where a typical month's mortgage repayments are $670 less than rent for the same period, new data from analysts OneRoof-Valocity shows.

With record low interest rates likely to drop even further on the back of the shock cutting of the official cash rate to 1 per cent, the deal for first home buyers could get even better.

It's led mortgage advisers to call on aspiring homeowners to start crunching the numbers and consider giving up


Better off buying than renting