In line with the Australian Bureau of Statistics (ABS), the normal home loan size in Australia is $384,700 (November 2018). Based on in your geographical area, this might appear to be a whole lot – or extremely small – and that’s as the state or money town you reside has a significant impact on how big is your home loan.
Normal home loan size in Australia by state
Unfortuitously for Sydney home hunters, the mortgage that is average in NSW is $462,100. Compare that to Victoria’s mortgage that is average of $400,400 and you may note that Sydneysiders indeed spend a premium with their predictable weather habits and sunny beaches. (more…)