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 $642,121 as of September 2024. Compared to the same month last year, the average mortgage size has increased by $43,254 or 7.2%.
Looking into the individual states and territories, it’s evident that New South Wales has the highest average mortgage size in the country, averaging $779,239. Although, the New South Wales mortgage price has dropped by $789 since its peak last quarter.
From the latest available figures, the lowest average mortgage is in the Northern Territory. It had a recorded average mortgage size of just $416,667 in August 2024. The mortgage size in the area has dropped $20,760 compared to the last quarter when it was $437,427.
On average, new loan commitments for housing have dropped in September 2024 by 0.3% after a rise of 2.1% in August. Even with a minimal fall in September 2024, it’s still 18.9% higher than it was at the same time last year.
Loan commitments did rise by 2.1% this quarter for total housing, however, it’s still 11.9% lower compared to last year’s figures. Borrower activity is typically affected by interest rate hikes, mortgage sizes, property prices, and other factors.
Average Australian mortgage size in 2024
The table below details the average loan sizes for owner-occupier dwellings across Australia.
| September 2023 | September 2024 | Annual Change | |
|---|---|---|---|
| Australia | $598,867 | $642,121 | +$43,254 |
| New South Wales | $756,821 | $779,239 | +$22,418 |
| Victoria | $594,155 | $614,730 | +$20,575 |
| Queensland | $537,915 | $619,599 | +$81,684 |
| South Australia | $496,587 | $551,749 | +$55,162 |
| Western Australia | $475,405 | $559,028 | +$83,623 |
| Tasmania | $460,183 | $458,641 | • $1,542 |
| Northern Territory | $437,821 | $416,667* | -$21,154* |
| Australian Capital Territory | $587,307 | $613,612* | +$26,305* |
Source: Lending indicators from the Australian Bureau of Statistics, September 2024
Because the latest ABS report does not have information on the Northern Territory and Australian Capital Territory mortgage sizes for September 2024, we have taken the latest available data from August 2024. As such, the loan size comparisons for these two states are only an estimate.
As you can see, there have been significant increases in average mortgage sizes in all states and territories compared to last year. The most notable increase in average mortgage size is in Western Australia with a rise of $83,623.
New South Wales continues to have the highest average loan size in the country. Since January 2024, the average loan size of New South Wales has fluctuated but seems to be on the rise. It continues to grow every month with an increase of $7,817 from last month’s (August 2024) average of $771,422. It also had an impressive increase of $22,418 in comparison to the previous year.
Almost all states and territories increased their average mortgage sizes. The most notable increases are in Western Australia (+ $83,623) and Queensland (+$81,684). Tasmania and Northern Territory are the only ones with a shrinking mortgage size for this quarter.
Rate changes and property prices heavily affect buyer activity, especially in popular real estate markets like Sydney and Melbourne. Buyer activity may pick up or further decline depending on cash rate changes.
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 | $598,867 | $3,605.93 | $699,263 |
| New South Wales | $779,239 | $4,691.99 | $909,877 |
| Victoria | $614,730 | $3,701.44 | $717,789 |
| Queensland | $619,599 | $3,730.76 | $723,472 |
| South Australia | $551,749 | $3,322.22 | $644,247 |
| Western Australia | $559,028 | $3,366.05 | $652,745 |
| Tasmania | $458,641 | $2,761.59 | $535,532 |
| Northern Territory | $416,667* | $2,508.85 | $5486,523 |
| Australian Capital Territory | $613,612* | $3,694.71 | $716,482 |
The calculations above are only estimations 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.
Quick recap: Home loans in Australia (September 2024)
- Average mortgage size in Australia is $642,12.
- State with the highest mortgage size is New South Wales with $779,239 while Northern Territory has the lowest with 416,667 (August 2024).
- Western Australia and Queensland had the largest increase in average mortgage size.
- Average mortgage size of Tasmania and the Northern Territory has fallen.
- Average monthly mortgage repayments are $3,605.93 (6.04% interest over a 30-year term).
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