What do you think is an "average" home loan amount these days???

[Beach Mama]

DH and I were chatting about our previous loan and what we class as a small/big mortgage, wondering if we are delusional!! I think $300k is average anything under smallish and anything over 4 big!???

What do you think?

[Emma09]

I would be thinking more like 400K is normal in Melbourne.
But are you talking about Australia wide?

[Beach Mama]

I guess we were thinking Melbourne/Victoria when chatting! Trust us to live in one of the most expensive cities and now in an expensive sea side country town!!!

[LimeSlice]

I think given the median house price (in Melbourne) is about $550k, I would consider a $300k mortgage tiny.

[Emma09]

I reckon Sydney is probably just as expensive- of course my information is from watching Location, location and selling houses Australia

[Charlotte91]

We live in rural VIC and our mortgage (minus first home buyers) is 97K for of the the best and biggest houses in town.

[HotI]

how long ago Char?

[Charlotte91]

how long ago Char?

We bought the house (which had been on the market 7 months) in Feb 2012

[Jaycee]

I reckon anything between 300 and 400 is average, i am in Adelaide though where house prices are less than melb or syd

[TaRhLi.]

In Melbourne I would think at least $350k depending on what suburb you live, some would be higher than that.

We moved regional to make it affordable for me to be a SAHM as it wouldn't have been possible if we stayed in Melbourne with our mortgage, I would have had to return to work to make ends meet.

We purchased 4yrs ago in a tiny town 30mins from Ballarat and our mortgage was approx. $100k less than our mortgage on our Melbourne property.

[megs]

I think it is all relative to where you are living. I living in a country town, $400,000 would get you a brand new brick home on a large block, if not a couple of acres. In my area probably $250,000 would be considered average.

[Mildez]

I think it is all relative to where you are living. I living in a country town, $400,000 would get you a brand new brick home on a large block, if not a couple of acres. In my area probably $250,000 would be considered average.

This is similar to where we live. My mortgage as an 18year old for a small house (2 bedroom) very large block in a very good area was $48,000. My husbands for a big brick modern home was $200,000. In 10years there has been a huge increase in prices (I was able to sell my 1st home after renovating it for 3times the amount I paid) You can get brand new basic brick homes (home and land package) for $290,000 and for something special around the $450,000 plus.

[Floweryfields]

It's all relative to where you live of course. If you are in the city - one of the bigger ones I'd say the average would be around the $400 000 mark. If you are rural, in my area, the average would be around $200 000 or less.
My mortgage 10 years ago was $70 000 in a rural area.


Like all averages, there are some huge variances to get that average.

[~clover~]

I was going to say around 300 000 Aust wide. I lived in a small town on the East coast & the low end was 220 000 - 300 000, but here in a small South WA town, the priciest house in town is $130 000. There's a cheaper one here for only 60 000 & its not a bad place.

[Jakabella]

My mortgage was $100k nearly 10 yrs ago. I love in rural Vic to and I would say average in my small town would be $200k but in the bigger town 15 mins away would be 250 - 300 and that's still classed as rural.

[little_mrs]

Around here (south west WA) $300 - $400k is pretty good. Anything under is cheap and over is pricey.

[nothing2lose]

Keeping in mind there's a difference in mortgage amount and house price.... I would imagine most people would have at least a 10 per cent deposit. Houses in my suburb have a median price of around $550k (35km from city) so imagine average mortgages would be $450-500k.

Eta - then again, this area isn't really a first home buyer area so I guess people have capital from previous house sale, so mortgage would probably be less.

[~Kim~]

It is definitely relative to where you live and the population. A town full of older people will have far lower mortgages than a town of mainly younger people.

Here $300 000 won't even buy you a one bedder unit.

In the town in country NSW where we have our mortgage, even though our house is on the cheaper side, we have what locals class a huge mortgage at $350 ish because many of them are older, and retired and have no/hardly any mortgage.