It’s official, home buyers took on debt like never before in 2021
New loan commitments taken on by Australian property buyers reached new heights over the course of 2021 according to figures released by the Australian Bureau of Statistics (ABS) on Tuesday.
The Bureau’s December lending indicators reveal that a record $369.76 billion worth of new home loans were taken out by owner-occupier and investor borrowers during the year, helped on by a new record monthly figure of $32.8 billion in December.
“December’s rise was driven by a 5.3 per cent rise in the value of new owner-occupier loan commitments," said Amanda Seneviratne, acting head of finance and wealth at the ABS.
"This is the second consecutive monthly rise in owner-occupier lending and follows the falls seen from June 2021 through to October 2021."
New loan commitments in Australia (seasonally adjusted). Source: ABS
As the graph above shows, the amount of new housing finance being taken out has soared in recent years. In 2011 the total annual figure was $169.03 billion, which is 118% lower than the 2021 total, but the real jump has come in the past two years during which time the value of new loan commitments has increased by 50%.
While it may be hard to appreciate the size of those numbers, sizable increases in average loan sizes provide another reflection of the rising cost of property and the amount Australians are being required to borrow.
According to the latest ABS figures, the national average mortgage size (for owner-occupied dwellings) just tipped over the $600,000 mark for the first time - an increase of $92,615 in the past year alone.
And for New South Wales and Victoria, the jump was even higher.
Average loan sizes in Australia — December 2020-21. Source: ABS
| December 2020 | December 2021 | Increase | |
| NSW | $646,923 | $779,770 | $132,847 |
| VIC | $517,826 | $630,412 | $112,586 |
| QLD | $436,806 | $504,055 | $67,249 |
| SA | $386,475 | $441,576 | $55,101 |
| WA | $423,449 | $450,645 | $27,196 |
| TAS | $386,414 | $430,526 | $44,142 |
| AUS | $509,420 | $602,035 | $92,615 |
When it comes down to cost, the difference between a $509,420 mortgage and a $602,035 mortgage is substantial.
For instance, assuming an interest rate of 3.00% and principal and interest repayments being made of 25 years, the difference between the two figures equates to $439 in monthly repayments and $39,142 in total interest paid over the life of the loan.
RELATED: February home loan snapshot: Athena and ANZ lead variable rate drops
Interested in viewing more home loan figures? Check out our dedicated Australian home loan statistics page for average rates, loan sizes and more.
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Unloan Variable Home Loan
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5.74
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5.65
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$2,915
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5.78
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5.82
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$2,927
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5.82
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- Initial monthly repayment
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70.00%
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$150,000
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$10,000,000
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yes - up to $10,000 p.a.
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5.91
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- Initial monthly repayment
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$2,836
- No ongoing annual fees
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1 year - 5.69% p.a. (5.98% p.a. comparison rate)
2 years - 5.49% p.a. (5.91% p.a. comparison rate)
3 years - 5.59% p.a. (5.90% p.a. comparison rate)
4 years - 6.49% p.a. (6.19% p.a. comparison rate)
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5.98% p.a.
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$300.00
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$0.00
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$395.00
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95.00%
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$20,000
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$5,000,000
- type of mortgage
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yes - free up to $25,000 during fixed period
- Redraw facility
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no
- Minimum redraw amount
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- Offset account
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- Split account
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5.96
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- Initial monthly repayment
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$2,836
- Free extra repayments of up to $25,000 during the fixed rate period.
- Split loan available
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1 year - 5.69% p.a. (6.03% p.a. comparison rate)
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5.83
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- Initial monthly repayment
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- Minimum redraw amount
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- Offset account
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Go to site- Interest rate
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5.39
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- Comparison rate
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5.82
%
p.a.
- Initial monthly repayment
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$2,805
- No ongoing fees
- Free redraw from your loan using Macquarie Online.
- No application or account management fees
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1 year - 5.49% p.a. (5.87% p.a. comparison rate)
2 years - 5.39% p.a. (5.82% p.a. comparison rate)
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$10,000,000
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Fixed
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Owner Occupier
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- Extra repayments
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yes - up to $10,000 p.a.
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yes - free
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5.49
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- Comparison rate
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5.69
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- Initial monthly repayment
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$2,836
- interest rate
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5.74% p.a. (5.69% p.a. comparison rate)
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n/a
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Go to site- Interest rate
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5.49
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Fixed 2 years
- Comparison rate
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5.91
%
p.a.
- Initial monthly repayment
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$2,836
- No ongoing annual fees
- Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
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1 year - 5.69% p.a. (5.98% p.a. comparison rate)
2 years - 5.49% p.a. (5.91% p.a. comparison rate)
3 years - 5.59% p.a. (5.90% p.a. comparison rate)
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5.98% p.a.
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$300.00
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$0.00
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$395.00
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95.00%
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$20,000
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- type of mortgage
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Fixed
- Repayment types
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Owner Occupier
- Repayment options
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Weekly, Fortnightly, Monthly
- Extra repayments
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yes - free up to $25,000 during fixed period
- Redraw facility
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no
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- Offset account
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no
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5.49
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Fixed 2 years
- Comparison rate
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5.96
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p.a.
- Initial monthly repayment
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$2,836
- Free extra repayments of up to $25,000 during the fixed rate period.
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1 year - 5.69% p.a. (6.03% p.a. comparison rate)
2 years - 5.49% p.a. (5.96% p.a. comparison rate)
3 years - 5.59% p.a. (5.94% p.a. comparison rate)
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6.04% p.a.
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$300.00
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$395.00
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- Maximum loan to value ratio
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80.00%
- minimum borrowing amount
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$20,000
- maximum borrowing amount
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-
- type of mortgage
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Fixed
- Repayment types
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Principal & Interest, Interest Only
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Owner Occupier
- Repayment options
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Monthly
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yes - free up to $25,000 during fixed period
- Redraw facility
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no
- Minimum redraw amount
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- Offset account
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no
- Split account
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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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