The total value of owner-occupier home loans written in Australia in July 2024 amounted to $18.31 billion. As of July 2024, the average home loan in Australia was $641,143, showing a 1.1% increase compared to the previous month and a 8.0% increase when compared to the same time last year. For first-time home buyers, the average loan amount drops to $531,779, reflecting a 0.4% decrease compared to the previous month and a 5.5% increase when compared to the same month of the previous year.
The average investor home loan stood at $602,090, marking a 0.7% increase over the month and showing a solid 5.4% increase over the year. Meanwhile, the average refinancing loan amounted to $549,541, signifying a notable 5.6% decrease over the month and a substantial 9.6% increase over the year. Further statistics can be found in the visualisation below.
Inflation rose in the June quarter but it was in line with RBA's own forecasts heading off the need for another rate hike. At the same time inflation is still too high and the RBA still lacks confidence that it will sustainably head back to target so it's too early to expect a cut.
Over the past decade, the average sizes of home loans in all states have shown significant increases. Tasmania takes the lead with an 98.8% increase, nearly doubling the average home loan size. New South Wales follows closely with an 85.4% increase, while South Australia also witnessed a 81.6% increase in the size of home loans over the same period.
Growing preference for external lenders
In 2019, slightly more than half of refinancers, accounting for 52%, were external refinancers, indicating that they sought new loans from lenders other than their current one. Fast forward to 2023, the landscape has evolved significantly, with nearly three-quarters of all refinancers being external. In July 2024, 59% falling into the category of external refinancers. Demonstrating a growing trend of homeowners exploring new lending options outside their existing lenders, showcasing changing dynamics in the refinancing market.
Home loan commitment distribution
In July 2024, new loan commitments for the purchase of existing dwellings amounted to $15.4 billion, which represents a substantial 84% of the total value of owner-occupier home loans written in Australia for that month. Meanwhile, loans for the construction of dwellings constituted 11% of the total, with an additional 6% allocated for newly erected dwellings.
Graham Cooke is the head of consumer research at Finder. He’s a seasoned analyst and data journalist, who has been covering personal finance, the economy, technology and travel at for eight years.
He had taken part in over 500 live TV interviews and appears regularly on ABC News and Radio, 7 and 9 News, Sunrise, Today, Studio 10 and others.
Graham is also a contributing author at Money Magazine and Yahoo Finance. See full bio
Graham's expertise
Graham has written 58 Finder guides across topics including:
Home loan cashback deals can help you refinance to a cheaper interest rate and get a lump sum cash payment. Compare the latest deals and check your eligibility today.
Mortgage security or property security is when the bank “secures” your home loan against the property you wish to purchase. Learn why it’s important and how it works.
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