In accordance with the Australian Bureau of Statistics (ABS), the typical mortgage size in Australia is $384,700 (November 2018). Dependent on your geographical area, this might sound like a whole lot – or really that is little that’s due to the fact state or money town you reside has an important impact on how big is your home loan.
Normal home loan size in Australia by state
Unfortuitously for Sydney household hunters, the typical home loan size in NSW is $462,100. Compare that to Victoria’s typical home loan size of $400,400 and you may note that Sydneysiders indeed spend a premium due to their predictable climate habits and sunny beaches. In reality, Sydney has got the biggest mortgage that is average in Australia.
Take a vacation over the Bass Strait and – all jokes apart – when comparing home loan sizes, it is just like you come in a different country. Yes, into the land regarding the Tassie Devil, plus in stark comparison for their Victorian neighbors, Tasmanians have actually the average mortgage that is lowest sizes in Australia. Tasmania comes with a normal home loan size of $275,900, very nearly $200,000 below NSW’s average.