What is Australia's average mortgage size in 2024?

By Evlin DuBose and Niko Iliakis
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Key Facts

  • The average mortgage size for owner-occupiers in Australia was $624k in December 2023.
  • Average mortgage size varies wildly by state. 
  • The average home loan deposit size required to buy is now six figures. 
Australian house

For most Australians, taking out a home loan will be the biggest financial decision they can expect to make. And as property prices rise over time, homebuyers must borrow more and more to enter the housing market, and save up more and more for that critical first home loan deposit. 

The latest lending indicators from the Australian Bureau of Statistics (ABS) show that the average mortgage size (for owner-occupier dwellings) was $624k in December 2023.

While borrowing activity has slowed down this year as interest rate hikes bite into demand, the average national loan size is still up over pre-pandemic levels, according to the ABS.

Out of all states and territories, loans were largest in NSW at $785k. The ACT came in second with an average loan size of $622k, and Victoria was third with the average loan coming in at $613k.

Average loan size by state and territory — December 2022-2023 (Source: ABS)

Dec 2022Dec 2023Annual change (%)Annual change ($)
NSW$758k$785k+3.6%+$27k
VIC$624k$613k-1.8%-$11k
QLD$521k$572k+9.8%+$51k
SA$486k$519k+6.8%+$33k
WA$492k$509k+3.5%+$17k
TAS$472k$463k-1.9%-$9k
NT$450k$438k-2.7%-$12k
ACT$620k$622k+3.2%+$2k
AUS$604k$624k+3.3%+$20k

So what’s caused this borrowing boom? As far as contributing factors go, it’s hard to look past the impact of surging property prices that we’ve witnessed across the country, particularly over the pandemic period.

Rate hikes have somewhat dampened buyer activity in hotspots like Sydney and Melbourne, but with the potential cash rate peak looming, the market may soon take off again.

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Breaking down the cost of an average loan

For most Australians, a loan of around $500,000 is going to be a significant amount of money, but what would a mortgage of that size look like in terms of regular repayments and total interest costs? Here’s an example based on a few different interest rates.

Monthly repayments on a $500,000 loan

StateLoan sizeInitial monthly repaymentEstimated total interest
NSW$785k$5,473$856,998
VIC$613k$4,274$669,223
QLD$572k$3,988$624,462
SA$519k$3,619$566,601
WA$509k$3,549$555,684
TAS$463k$3,228$505,465
NT$438k$3,054$478,172
ACT$622k$4,323$676,865

Of course, the above scenarios are based on the average loan size. To find out how much the regular repayments and total interest would come to on a different loan size, try our home loan repayments calculator.

Calculators

How much could your home loan cost? See all

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Looking to find a mortgage with a low interest rate? Browse the rates on offer from a number of different Australian lenders with Mozo’s dedicated home loan comparison tables.

Compare low interest rate home loans - last updated 19 April 2024

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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.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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