Average New First Home Buyers Mortgage Value in Australia

Average New First Home Buyers Mortgage Value in Australia

Average New First Home Buyers Mortgage Value in Australia

According to the Australian Bureau of Statistics: 5609.0 – Housing Finance Report, there were 9,215 new mortgages arranged for first home buyers in October 2012.

The average value of these mortgages was $288,009, calculated across the whole of Australia.

Tasmania had the lowest average First Home Mortgage of $200,600, while the ACT (Canberra region) came out with the highest at $341,500.

The largest number of these new loans was in Victoria, with 2,545 loans averaging $287,300 each.

More at: www.abcdiamond.com/australia/average-australian-mortgage

Based on the average Full-time adult total earnings of $73,585 per annum ($1,415.10 pw source www.abs.gov.au) the loan to income multiple for a single wage earner is a ratio of 3.91 times the annual gross income. ($288,009/$73,585)

If this was calculated on two incomes, one being full time and the second being an average of all part time and full time, the multiple would be 2.84 ($1,415.10 pw + $1,057.30pw = $128,564 per annum)

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