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Average Australian Mortgage Size in 2023

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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 $584,907 as of August 2023. Compared to the same month last year, the average mortgage size has decreased by $4,237. 

Looking into the individual states and territories, it’s evident that New South Wales has the highest average mortgage size in the country, averaging at $722,132. Even though it’s the highest in Australia, the number has dropped compared to what it was at the same time last year.  

Meanwhile, the lowest average mortgage can be found in Tasmania with an average of $463,693. This is an increase of $8,193 in comparison to August 2022 numbers. On average, loan commitments for owner-occupier housing have risen 2.6%. Borrowing activity is typically affected by various factors such as interest rate hikes, property prices, and the like. 

Average Australian mortgage size in 2023 

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

August 2022 August 2023 Annual Change
Australia $589,144 $584,907 -$4,237
New South Wales $725,335 $722,132 -$3,203
Victoria $623,974 $590,450 -$33,524
Queensland $523,191 $527,463 +$4,272
South Australia $462,024 $489,978 +$27,954
West Australia $469,094 $475,578 +$6,484
Tasmania $455,500 $463,693 +$8,193
Northern Territory $464,490 NA NA
Australian Capital Territory $585,172 NA NA

Source: Lending indicators from the Australian Bureau of Statistics, August 2023 

As you can see, there are dips in average mortgage sizes for New South Wales and Victoria compared to the same time last year. There is a notable decrease in Victoria’s mortgage size, however, loan prices in New South Wales are still averaging as the highest in Australia.

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

Other states and territories such as Queensland, South Australia, West Australia, and Tasmania have increased but still have lower average mortgage sizes compared to New South Wales and Victoria. 

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 2023, 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 5.79% interest over a 30-year term. The table shows an estimated total interest and monthly repayments.

Average mortgage size Monthly repayment Total interest
Australia $589,907 $3,428.24 $649,255
New South Wales $722,132 $3,429.79 $649,551
Victoria $590,450 $3,460.72 $655,413
Queensland $527,463 $3,091.55 $585,492
South Australia $489,978 $2,871.84 $543,886
West Australia $475,578 $2,787.44 $527,901
Tasmania $463,693 $2,717.78 $514,709
Northern Territory $470,000* $2,754.75 $521,707
Australian Capital Territory $578,473* $3,390.53 $642,113

*To provide an average mortgage size estimate, data for NT and ACT was taken from the June 2023 ABS report.

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.

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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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