Average Australian Mortgage Size in 2024
Looking into the individual states and territories, it’s evident that New South Wales has the highest average mortgage size in the country, averaging $780,028. The New South Wales mortgage size has now reached its highest since the beginning of 2024.
According to the latest available figures, the lowest average mortgage is in the Northern Territory with an average mortgage size of just $437,427. Even though the loan size in the state has increased by $12,554 since last year it’s still far behind the rest of Australia.
On average, new loan commitments for housing have risen in June 2024 by 0.7% after falling in May by 2.8%. New loan commitments are 3.4% higher compared to last year’s figures. The number of new loan commitments in the Australian Capital Territory increased by 11.5%, the highest in the country while Victoria and South Australia saw an increase of 6.5% and 0.2% respectively.
The states with falling loan commitment rates include Tasmania with a decline of 9.8% followed by the Northern Territory (-6%), Queensland (-3.1%), New South Wales (-1.1%) and Western Australia (-1%). 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.
| June 2023 | June 2024 | Annual Change | |
|---|---|---|---|
| Australia | $580,240 | $636,597 | +$56,357 |
| New South Wales | $725,048 | $780,028 | +$54,980 |
| Victoria | $589,073 | $604,343 | +$15,270 |
| Queensland | $514,458 | $599,330 | +$84,872 |
| South Australia | $473,837 | $545,816 | +$71,979 |
| Western Australia | $472,690 | $566,657 | +$93,967 |
| Tasmania | $442,917 | $467,467 | +$24,550 |
| May 2023 | May 2024 | Annual Change | |
| Northern Territory | $424,873 | $437,427 | +$12,554 |
| Australian Capital Territory | $589,130 | $589,130 | +$25,112 |
Source: Lending indicators from the Australian Bureau of Statistics, June 2024
Because the latest ABS report does not have information on the Northern Territory and Australian Capital Territory mortgage sizes for June 2024, we are using the May 2023 and 2024 data to compare changes in loan sizes.
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 increases in average mortgage sizes are in Queensland, South Australia, and Western Australia.
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 as it increased $12,444 from last month’s (May 2024) average of $767,584 and had a significant increase of $56,357 in comparison to the previous year.
Notably, all states and territories have increased their average mortgage sizes. Western Australia has the most substantial increase of $93,967 while the Northern Territory has the lowest increase of only $12,554.
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 | $636,597 | $3,833.11 | $743,320 |
| New South Wales | $780,028 | $4,696.74 | $910,799 |
| Victoria | $604,343 | $3,638.90 | $705,659 |
| Queensland | $599,330 | $3,608.71 | $699,809 |
| South Australia | $545,816 | $3,286.49 | $637,323 |
| Western Australia | $566,657 | $3,411.98 | $661,657 |
| Tasmania | $467,467 | $2,814.73 | $545,840 |
| Northern Territory | $437,427 | $2,633.86 | $510,758 |
| Australian Capital Territory | $614,242 | $3,698.50 | $717,221 |
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.
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