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

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?

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

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

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!!!

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

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

how long ago Char?

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

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.

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.

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.

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

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.

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.

We bought our 4 bedroom house 8 years ago for 295k. Same house now in this area (30km from cbd) is on average 480-540k depending on which 'pocket' of the suburb you buy in.

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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.

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Good point, we were chatting as owners changing over to our 4th property with a substantial amount in the bank. First home owners would be different I guess but still having a 10% deposit and starting a bit smaller.

Our first property was purchased in Bayswater for 100k about 15 years ago and sold for 260. Crazy.

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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.

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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.

I do think people answers also different depending on whether looking to buy first or recently bought first in past couple of years compared to subsequent purcahses or if bought more than seven years ago - with first groups definition of average being higher than second.

In UK they always said three times household annual income was about right for mortgage (not house price)- so in my mind I classify anything above that as high, with that as average. Any direct comparisons are a bit futile IMO because of the massive variation in house prices across country. Our mortgage is 350k I class it as high because is just over the 3 times rule when I am working, but entering the housing market for first time in past couple of years in melbourne and sydney can be quite difficult to stick to three times rule.