What is the average mortgage size in Australia?

Key Facts

• The average mortgage in Australia is $642,121.
• Average mortgage sizes vary wildly by state. 
• The average home loan deposit size required to buy is six figures.

For most Australians, taking out a home loan will be the biggest financial decision they can expect to make. 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 in Australia is $642,121, in September 2024 (for owner-occupiers) – a 7% annual increase. 

The average mortgage in Australia grew 74% over the past decade according to data from the ABS' Lending Indicators released in September 2024.

Out of all states and territories, the largest average mortgage is found in NSW at $779,239. Of the data available from the ABS, Queensland came in second with an average loan size of $619,599, and Victoria was third with an average home loan coming in at $614,730.

On the other hand, Tasmania ($458,641) had the lowest average mortgage size.

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

Breaking down the cost of an average home loan

For most Australians, an average home loan of $642,121 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, calculated using a mortgage repayment calculator.

Monthly repayments on a $642,121 loan

So even with a very low rate (which is unlikely to stay that low over 25 years), a mortgage holder with a $642,121 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 home loan fees.

But what would home loan repayments look like across different states and territories? Using the average variable rate (OO, P&I, $400k, <80% LVR) in our database at the time of writing – 6.73% p.a. – and assuming a 25-year loan term, we can see just how much mortgage costs can vary across the Australian markets.

Average mortgage cost across Australia (September 2024)

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.