Have you ever wondered how your mortgage compares to everyone else’s? Perhaps you’re currently looking to buy, and you’re interested to see how your borrowing capacity weighs up against the state average?
Well, 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 see how your mortgage stacks up when compared with other homeowners across the country.
How Big Is the Average Home Loan in Australia?
As of November 2018, the average Australian mortgage was $384,700 (according to the ABS). If you think this seems like a ridiculously low (or high) figure, 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.
What Is the Average Mortgage Size by State?
Tasmanian’s will be pleased to hear that they have the lowest mortgages in the country, with a state average of just $275,900. That’s around $186,200 less than the highest state average, which can be found in New South Wales ($462,100). }
Victoria and the ACT are quite similar in terms of state averages, with both hovering around the $400,000 mark, while South Australia and the Northern Territory both sit just over $300,000. For those living in Western Australia, the average home loan is just under $350,000, while Queensland residents will find it’s just over $350,000.
Generally speaking, however, mortgage size will increase for those living in capital cities, where property values are higher. For example, in Brisbane, the average property price is actually $552,000, predicted to increase to $665,000 by the end of 2020.
So, What’s the Average Monthly Repayment?
If you compare the average monthly mortgage repayments of various capital cities, you’ll quickly discover there’s quite a big difference depending on where you live – a difference of $748 to be precise. That’s roughly how much more you should expect to be paying if you live in Sydney ($2,167 per month) instead of in Hobart ($1,419).
Somewhat surprisingly, the capital city with the second-highest monthly mortgage repayments is Darwin, with a median cost of $2,171 per month. That’s slightly higher than the Canberra ($2,055) and Perth ($2,000) averages but substantially more than what you’ll be paying in either Brisbane ($1,885), Melbourne ($1,820) or Adelaide ($1,517).
These statistics show it definitely costs more to live in a capital city, with the nationwide average repayment reported to be just $1,755 per month.
How Do First Home Buyers Compare?
According to a 2018 report released by the ABS, first home buyers in most states are borrowing slightly less on average. But, once again, the amounts differ substantially between capital cities.
So, while first home buyers in Sydney are averaging $377,500 for their mortgage total, those in Brisbane are borrowing just $301,800.
If you’re curious about how much you could afford to borrow, contact North Brisbane Home Loans and speak to one of our mortgage experts today.