Average Australian Mortgage Size in 2024
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.
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About the article
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