Real estate is a national obsession. There are currently around 10.8 million residences in Australia, and of these, 3.2 million have mortgages against them (this excludes investment loans).

Mozo tracks over 450 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.

6.75%

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

$3,455

Initial monthly repayment on average rate on a $500,000 loan over 25 years - November 2024.

6.07%

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

$642,121

Average new owner occupier lending amount (including refinancing) - September 2024

$18.64 billion

Owner occupied total new lending (including refinancing) - September 2024

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.