The total value of owner-occupier home loans written in Australia for the fourth quarter of 2024 amounted to $57.86 billion. As of December 2024, the average home loan in Australia was $665,978, showing a 3.9% increase compared to the previous quarter and a 12.6% increase when compared to the same time last year. For first-time home buyers, the average loan amount drops to $542,644, reflecting a 1.2% increase compared to the previous quarter and a 15.1% increase when compared to the same month of the previous year.
The average investor home loan stood at $674,316, marking a 3.9% increase over the quarter and showing a solid 13.8% increase over the year. Meanwhile, the average refinancing home loan amounted to $524,205, signifying a notable 3.2% increase over the month and a substantial 20.6% 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.
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 December 2024, 57% 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.
As of December 2024, new loan commitments for the purchase of existing dwellings amounted to $48.9 billion, which represents a substantial 85% 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.
Need an owner-occupier home loan? Compare rates, understand home owner tax rules and more.
By using the equity you have in your property, you could borrow cash for a number of reasons without needing to make regular repayments back into the loan.
Keystart offers loan products helping Western Australians get homes sooner with just a 2% deposit and no LMI.
Work out how much you need to earn to buy a house in any Australian suburb.
How to accurately estimate the cost of building your own house.
When fixed rates fall below variable rates, it could portend ominous economic outcomes. We explain how it all works.
Discharged bankrupts start off their financial state fresh, but some may still find it difficult to get a mortgage. Discharged bankrupts may still get a home loan, but with stricter conditions and higher loan rates.
Find out how you can afford a property on a single income and learn how to compare different loans to get the best deal.
If you haven't sold your house yet, but want to buy your next one before the sale is completed a bridging loan may be able to help. Read on to discover how bridging finance can help.
You may be able to get a low deposit home loan with just a 5% cash deposit. Here are the lenders who are more likely to lend you a 95% loan.
