In accordance with the Australian Bureau of Statistics (ABS), the mortgage that is average in Australia is $384,700 (November 2018). Dependent on your location, this could appear to be a lot – or extremely small – and that’s as the state or money town your home is in has an important impact on how big is your home loan.
Typical home loan size in Australia by state
Unfortuitously for Sydney household hunters, the normal home loan size in NSW is $462,100. Compare that to Victoria’s mortgage that is average of $400,400 and you’ll observe that Sydneysiders indeed spend a premium with regards to their predictable climate habits and sunny beaches. In reality, Sydney gets the biggest normal home loan size in Australia.
Simply simply simply Take a visit throughout the Bass Strait and – all jokes aside – whenever comparing home loan sizes, it’s just like you have been in a different country. Yes, into the land for the Tassie Devil, as well as in stark contrast with their Victorian neighbors, Tasmanians have actually the cheapest average mortgage sizes in Australia. Tasmania has a typical home loan size of $275,900, nearly $200,000 below NSW’s average.
Just how much could be the normal mortgage repayment that is monthly?
Through the 2016 Census of Population and Housing, it absolutely was unearthed that the median mortgage that is monthly in Australia ended up being $1,755. Nonetheless, there clearly was a stark distinction between our money metropolitan areas while the area you determine to buy in will likely make a significant huge difference to whether your monthly repayments sit above or below this figure.
The table above shows the median of normal home loan repayments in Australia’s money metropolitan areas. Once again, Sydney ‘wins’ the round, with a median monthly homeloan payment of $2,167 – the absolute most costly associated with the money towns.