A home is likely to be one of the largest purchases you’ll ever make, and when it comes to purchasing one, you may need to pay costly lenders mortgage insurance (LMI). With house prices in Australia well above where they were even five years ago, the amount that you’ll need to save for a deposit, and the amount you’ll need to borrow from a bank or lender, is likely to be significant. Against the backdrop of the ongoing cost of living crisis, saving for a house deposit may be more challenging for Aussie borrowers than ever.
What is the average mortgage in Australia?
According to the latest lending indicators from the Australian Bureau of Statistics (ABS), the average loan size for owner occupier dwellings in Australia is $731,000. This is down from $735,000 in the previous quarter, and $737,000 the quarter before. The state with the largest average home loan size is New South Wales, coming in at $842,000 for the average borrower, down from $861,000 in the previous quarter and $873,000 before that. Queensland is the second highest state or territory, with an average of $751,000. The average loan size in Queensland has grown from $741,000 in the previous quarter, and $736,000 in the one before that.
It's important to note that the ABS has switched from monthly to quarterly reports, and the most current figures, for the June quarter, were released this August. These figures represent loans taken out for the purchase of new and existing homes, as well as for construction of new ones. Here's how the numbers currently shake out state by state:
Average New Home Loan Size For Owner-Occupiers Across Australia (June Quarter 2026)
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Average Home Loan Size | |
New South Wales | $842,000 |
Victoria | $664,000 |
Queensland | $751,000 |
South Australia | $672,000 |
Western Australia | $720,000 |
Tasmania | $516,000 |
The ACT | $666,000 |
Northern Territory | $545,000 |
Australia | $731,000 |
Source: www.canstar.com.au. Average loan size based on the latest ABS Lending Indicators for the June 2026 quarter.
What are the monthly repayments on an average mortgage?
The Reserve Bank of Australia has hiked the cash rate four times so far in 2026, to its current level of 4.60%.
When the RBA moves the cash rate, banks and lenders are generally quick to follow, so we can expect to see the effects of the September rate hike soon.
For now, the average variable interest rate on our database for owner occupiers paying principal and interest is 6.62%. We crunched the numbers based on this rate to find out what the average monthly mortgage repayment might look like in each state (assuming principal and interest repayments paid monthly over a 30 year term, not including fees or other charges).
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Average Monthly Payment (6.62%) | |
New South Wales | $5,389 |
Victoria | $4,249 |
Queensland | $4,806 |
South Australia | $4,301 |
Western Australia | $4,608 |
Tasmania | $3,302 |
ACT | $4,262 |
Northern Territory | $3,488 |
Australia | $4,678 |
Source: www.canstar.com.au. Average loan size based on ABS Lending Indicators, June Quarter 2026, using original values. Average rate based on owner occupier variable loans on Canstar’s database available for a loan amount of $600,000, 80% LVR, principal & interest repayments and an average variable interest rate of 6.62%; excluding introductory and first home buyer only loans.
How have home loans changed over the past 12 months?
As of the June quarter, 2026, the ABS lending indicators say that loan for a new dwelling in Australia is $731,000. A year before, in the June 2025 quarter, the average new home loan size for owner occupier dwellings in Australia was $678,000. This means that the average loan size increased by $53,000 in 12 months.
In the June quarter of 2016, the average loan size for a new owner occupier dwelling was $409,000 across Australia. This means that the average loan is now approximately $322,000 more than it was a decade ago.
