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.
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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