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Average Australian Mortgage Size in 2024

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According to the latest lending indicators from the Australian Bureau of Statistics (ABS), the average mortgage size for owner-occupier dwellings is $615,178 as of January 2024. Compared to the same month last year, the average mortgage size has decreased by 1.5% or $14,017.  

Looking into the individual states and territories, it’s evident that New South Wales has the highest average mortgage size in the country, averaging $770,914 which is a significant jump from $722,132 as of August 2023. When comparing yearly, the average mortgage size increased from $766,623. 

Meanwhile, the lowest average mortgage can be found in Tasmania with an average of $434,889 which is a decrease from the August 2023 average of $463,693. However, in comparison to January 2023, it is a notable increase of $22,450.  

On average, new loan commitments for housing have fallen 3.9% from last month, but it is 8.5% higher compared to the same time last year. Borrower activity is typically affected by various factors such as interest rate hikes, mortgage sizes, property prices, and the like.

Average Australian mortgage size in 2024

The table below details the average loan sizes for owner-occupier dwellings across Australia.

January 2023 January 2024 Annual Change
Australia $601,161 $615,178 +$14,017
New South Wales $766,623 $770,914 +$4,291
Victoria $639,677 $614,088 -$25,589
Queensland $523,679 $559,507 +$35,828
South Australia $489,809 $530,276 +$40,467
West Australia $478,323 $530,298 +$51,975
Tasmania $457,339 $434,889 +$22,450
Northern Territory $427,895 $422,143 -$5,752
Australian Capital Territory $572,254 $581,653 +$9,399

Source: Lending indicators from the Australian Bureau of Statistics, January 2024

As you can see, there have been significant dips and increases in average mortgage sizes for New South Wales and Victoria compared to the same time last year.

It’s interesting to note that Victoria’s average mortgage size has dropped significantly. However, even with the decrease, Victoria still has the second-highest mortgage size in the country. 

Recent rate hikes and property prices may have affected buyer activity in Sydney, Melbourne, and other popular real estate markets. Buyer activity may pick up or further decline depending on cash rate changes.  

Other states such as Queensland, South Australia, West Australia, and Tasmania had notable increases in average mortgage sizes compared to the same time last year. Only Victoria and Northern Territory had diminishing average mortgage sizes for January 2024.

Repayments for the average Australian mortgage size 

Knowing the average mortgage size helps potential borrowers see how much their home loans can cost. Using the average loan size per state in 2024, we’ve calculated estimated repayments below so you can have an idea of the total cost of your mortgage.  

The computation below is based on a principal and interest loan at 6.04% interest over a 30-year term. The table shows the estimated total interest over the full 30-year loan term and approximate repayments.

Average mortgage size Monthly repayment Total interest
Australia $615,178 $3,704.14 $718,311
New South Wales $770,914 $4,641.86 $900,158
Victoria $614,088 $3,697.58 $717,036
Queensland $559,507 $3,368.93 $653,307
South Australia $530,276 $$3,192.92 $619,178
West Australia $530,298 $3,193.05 $619,205
Tasmania $434,889 $2,618.57 $507,800
Northern Territory $422,143 $2,541.83 $492,913
Australian Capital Territory $581,653 $3,502.28 $679,163

The calculations above are only estimates of what your loan repayments could look like based on the average Australian mortgage sizes. When you take out a new loan, it may be higher or lower than the figures stated above.  

If you’d like to calculate your potential repayments using a different interest rate, repayment frequency, loan type, or loan term, you can use loans.com.au’s online home loan calculator

Looking for the best low-rate home loan?

Get in touch with loans.com.au by calling 13 10 90! You can also apply online and our friendly lending specialists will get back to you soon. At loans.com.au, we offer a wide range of home loans for you to choose from. Whether you’re a first-time home buyer or a seasoned homeowner, we’re here to make the home loan process as easy as possible.

About the article

As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.

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