What is the average mortgage size in Australia?
Key Facts
- The average mortgage size for owner-occupiers in Australia is $626k, according to the ABS.
- Average mortgage size varies 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. 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 in May 2024 is $626,055 (for owner-occupiers).
This means the average home loan in Australia is 65% larger than it was a decade ago, according to data from the ABS' Lending Indicators in the March quarter of 2024.
While borrowing activity slowed down in 2023, as interest rate hikes bite into demand, home loan sizes grew 42% by March 2024, compared to the pre-pandemic average in March 2019.
Out of all states and territories, loans are largest in NSW at $767,584. The ACT came in second with an average loan size of $614,242, and Victoria was third with the average loan coming in at $601,891.
On the other hand, Tasmania ($462,324) and the NT ($437,427) had the lowest average mortgage sizes.
Average home loan size by state and territory — May 2023 - 2024 (Source: ABS)
| State | May 2023 | May 2024 | Annual change (%) | Annual change ($) |
| NSW | $720,029 | $767,584 | +6.6% | $47,555 |
| VIC | $598,949 | $601,891 | +0.5% | $2,942 |
| QLD | $521,609 | $586,627 | +12.5% | $65,018 |
| SA | $467,438 | $541,775 | +15.9% | $74,337 |
| WA | $427,080 | $538,860 | +26.2% | $111,780 |
| TAS | $465,313 | $462,324 | -0.6% | -$2,989 |
| NT | $424,873 | $437,427 | +3% | $12,554 |
| ACT | $589,130 | $614,242 | +4.3% | $25,112 |
| AUS | $584,607 | $626,055 | +7.1% | $41,448 |
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
| Rate | Initial monthly repayment | Estimated 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 (May 2024)
| State | Loan size | Initial monthly repayment | Estimated total interest |
| NSW | $767,584 | $5,328 | $830,692 |
| VIC | $601,891 | $4,178 | $651,376 |
| QLD | $586,627 | $4,072 | $634,857 |
| SA | $541,775 | $3,760 | $586,318 |
| WA | $538,860 | $3,740 | $583,163 |
| TAS | $462,324 | $3,209 | $500,335 |
| NT | $437,427 | $3,036 | $473,391 |
| ACT | $614,242 | $4,263 | $664,743 |
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.
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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.