Home loans may be getting bigger as Aussie houses expanding

Monday 30 November 2009

Article by Mozo

Aussie low interest home loans may be getting larger, if the figures of one financial group are anything to go by.

CommSec has revealed that the average house has grown on average by ten per cent over the last decade, according to the Courier Mail.

The research showed that properties down under are the world’s largest homes, outstripping those in the US and three times as big as UK houses.

Craig James, representative of the group, said the findings were accompanied by the fact that there has been an increase in the size of family groups living in each property.

This may mean that fewer new homes need to be built, he explained.

"Population is rising, as is the cost of housing and the cost of moving house, so we are making greater use of what we’ve got," Mr James commented.

More people could be on the market looking to compare low interest home loans next year, however, according to the Mortgage Choice Consumer Sentiment Survey.

It revealed that over a third of Aussies are considering buying a new house in 2010.

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