What is the average mortgage size in Australia?

Key Facts

  • The average mortgage size for owner-occupiers in Australia is $608k, according to the ABS.
  • Average mortgage size varies wildly by state. 
  • The average home loan deposit size required to buy is 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 $607,963 in March 2024.

This means the average home loan in Australia is 65% larger than it was a decade ago, according to data from the ABS.

While borrowing activity slowed down in 2023, as interest rate hikes bite into demand, home loan sizes are up 42% compared to the pre-pandemic average in March 2019.

Out of all states and territories, loans were largest in NSW at $744,101. Victoria came in second with an average loan size of $590,475, and the ACT was third with the average loan coming in at $579,259.

On the other hand, Tasmania ($461,961) and the NT ($461,538) had the lowest average mortgage sizes.

Average home loan size by state and territory — March 2023 - 2024 (Source: ABS)

StateMar 2023Mar 2024Annual change (%)Annual change ($)
NSW$710,347$744,101+4.75%+$33,754
VIC$590,613$590,475-0.23%-$138
QLD$518,064$571,954+10.4%+$53,890
SA$473,768$519,165+9.58%+$45,397
WA$476,224$521,863+9.58%+$45,639
TAS$456,788$461,961+1.13%+$5,173
NT$463,861$461,538-0.5%-$2,323k
ACT$606,569$579,259-4.5%-$27,310
AUS$576,866$607,963+5.39%+$31,097

Breaking down the cost of an average home loan

For most Australians, a loan of around $600,000 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 $600,000 loan

RateInitial monthly repaymentEstimated total interest
6.00% p.a.$3,866$559,743
6.50% p.a.$4,051$615,373
7.00% p.a.$4,241$672,203
7.50% p.a.$4,434$730,184
8.00% p.a.$4,631$789,269

So even with a very low rate (which is unlikely to stay that low over 25 years), a mortgage holder with a $600,000 loan would still need to fork out almost $4,000 per month in repayments. And that’s not taking into account any other costs like loan fees.

How about the cost of a loan across different states and territories? Using the average variable rate (OO, P&I, $400k, <80% LVR) in our database at the time of writing – 6.80% p.a. – and assuming a 25 year loan term, we can see just how much mortgage costs can vary across markets.

Average mortgage cost across Australia (March 2024)

StateLoan sizeInitial monthly repaymentEstimated total interest
NSW$744,101$5,165$805,278
VIC$590,475$4,098$639,022
QLD$571,954$3,970$618,978
SA$519,165$3,603$561,849
WA$521,863$3,622$564,769
TAS$461,961$3,206$499,942
NT$461,538$3,203$499,484
ACT$579,259$4,020$626,884

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.

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.