Understanding the Average Mortgage Size in Australia vs. Average Mortgage Size in Brisbane
Have you ever wondered how your mortgage compares to everyone else’s? Perhaps you’re currently looking to buy or refinance, and you’re interested to see how your borrowing capacity weighs up against the state average. Are you curious to know about the average mortgage size in Australia? How about the average mortgage size in Brisbane?
What’s the Average Mortgage in Australia?
Fortunately for you, these are just the kind of details that the Australian Bureau of Statistics (ABS) loves to compile. Their most recently released data can help you to understand complete details about the average mortgage size in Australia compared to current Brisbane mortgage trends. And you’ll see how your mortgage (or borrowing potential) stacks up when compared with other homeowners across the country.
How Big is the Average Mortgage Size in Australia?
According to the latest data released by the ABS (current up to July 2023), the average mortgage size in Australia is $593,000 for owner-occupiers. This figure jumps slightly for investors (up to $610,000) but is significantly less for first home buyers (at only $493,000). If you think these figures seem ridiculously low (or high) for the average Australian mortgage, then you may be right – depending on where you currently live. Thanks to huge variations in housing affordability across the country, where you live in Australia will have a massive impact on the size of your mortgage. The home loan average in Brisbane will be quite different to the average mortgage in rural WA. So, what is the average mortgage size in Brisbane, and how does this compare to the rest of the country?
What is the Average Mortgage Size in Brisbane in 2023?
The average mortgage size in Queensland is currently around $523,535. Generally speaking, mortgage size will increase for those living in capital cities, where property values are usually higher. This is true in Brisbane, where the average property price is currently $716,000. That’s $110,000 more than the median dwelling price across regional areas of the state. While available information on Brisbane mortgage trends is somewhat out of date, we can expect that the average mortgage size in Brisbane will be slightly higher than the state average.
What is the Average Mortgage Size in Australia by State?
So, how does the home loan average in Brisbane compare with the rest of the country? New South Wales remains the most expensive state when it comes to owning a property, with the average mortgage (excluding refinancers) currently $752,164. This isn’t surprising considering the median house price in Sydney reached $1.46 million in March 2023. The average loan in New South Wales is over $300,000 more than in the Northern Territory, where the average mortgage is just $440,260 (an increase of 3.6% over 12 months). Tasmania runs a close second in terms of mortgage affordability ($459,016), followed by Western Australia ($478,462) and South Australia ($479,253). The Australian Capital Territory ($636,747) is now marginally more expensive than Victoria ($618,109), although the median house price in Melbourne city has now also exceeded $1 million.
What are the Average Monthly Mortgage Repayments in Australia?
Based on an average interest rate of 6.55%, which is the average fixed mortgage interest rate as of late 2023, for an owner-occupier and a 30-year loan term, we can calculate the following average monthly mortgage repayments around the country:
- NSW: Average monthly home loan repayments are $4,588.
- ACT: Average monthly home loan repayments are $3,675.
- VIC: Average monthly home loan repayments are $3,751.
- QLD: Average monthly home loan repayments are $3,351.
- SA: Average monthly home loan repayments are $3,113.
- WA: Average monthly home loan repayments are $3,022.
- TAS: Average monthly home loan repayments are $2,946.
- NT: Average monthly home loan repayments are $2,986.
How Do First Home Buyers Compare Average Home Loan Amount?
According to a July 2023 report released by the ABS, first home buyers around the country are borrowing around $100,000 less on average ($493,000 compared to $593,000 for the average owner-occupier). But, once again, the amounts differ substantially between capital cities.
So, while first home buyers in Sydney will be paying more for their mortgage total, the home loan average for first home buyers in Brisbane will be significantly less.
Talk to a Mortgage Broker About Brisbane Mortgage Trends
To find out more about Brisbane mortgage trends or the home loan average in Brisbane, contact North Brisbane Home Loans and speak to one of our mortgage brokers in Brisbane today.
Patrick Cranshaw, a Certified Mortgage Professional for over 21 years, founded North Brisbane Home Loans in 2002. His career began with ANZ Bank in New Zealand, where he progressed over 16 years to a Business Banking role in Virginia. After moving to Brisbane in 2000, Patrick led the QLD market for a home loan agency, helped set up the REMAX Real Estate Finance division, and practiced as a broker.
