Australian home loan statistics 2024

Real estate is a national obsession. There are currently around 10.3 million properties in Australia, and of these, 6 million have mortgages against them.

Mozo tracks over 500 home loan products in our database. Below, we showcase key home loan analytics, including a historical overview of the home loan market in Australia, a breakdown between fixed and variable home loan interest rates, average mortgage sizes, and the split between borrower types.

Variable Rate Home Loans

Variable Rate Home Loans

6.85%

Average variable home loan rate for owner occupiers - February 2024.

$2,789

Initial monthly repayment on average rate on a $400,000 over 25 years - February 2024.

 

Fixed Rate Home Loans

Fixed Rate Home Loans

6.42%

Average 2 year fixed rate for owner occupiers - February 2024.

Home Loan Volumes

Home Loan Volumes

$576,835

Average new owner occupier lending amount (including refinancing) - December 2023

 

$17.5 billion

Owner occupied total new lending (including refinancing) - December 2023

 

Top Variable Home Loan Rates

Top Variable Home Loan Rates - February 2024


Homeloans360 - Owner Variable Home Loan (Plus, Owner Occupier, Principal & Interest, LVR<80%)

5.89% p.a. (5.89% p.a. comparison rate*) variable rate


Pacific Mortgage Group - Standard Variable Home Loan (Owner Occupier, Principal & Interest, LVR 60-80%)

5.89% p.a. (5.89% p.a. comparison rate*) variable rate


The Mutual Bank - Special Budget Home Loan (Owner Occupier, Principal & Interest, <80% LVR)

5.89% p.a. (5.90% p.a. comparison rate*) variable rate

Community First Bank - Basic Variable Home Loan (Owner Occupier, Principal & Interest)

5.94% p.a. (5.99% p.a. comparison rate*) variable rate

Tiimely - Variable Home Loan (Owner Occupier, Principal & Interest)

5.94% p.a. (5.95% p.a. comparison rate*) variable rate

Leading owner occupied, principal & interest home loans available for new purchases, at 80% LVR, $400,000 loan amount in the mozo.com.au database. Accurate as at latest page published date.

 

Home buying by the numbers

Our homes are among some of the most expensive in the world, and right now Australians are faced with tough economic conditions and a higher cost of living. Home loan interest rates which were at historically low levels during the covid-19 Pandemic have jumped substantially since the RBA began to raise interest rates. With property prices continuing to rise, it has been difficult for Aussies looking to get into the property market, but the Albanese Federal Government have extended existing programs such as the first home buyer deposit scheme and State Governments have also introduced other incentives such as stamp duty to help. Start your research by using Mozo’s expert statistics as your guide or consider comparing the best mortgage rates in Australia. 

  

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*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
 
Information accurate as at latest published date.