Average Aussie first-home loan soars to $460,393 as property market swells | news.com.au — Australia’s leading news site

Experts have revealed first-home buyers now need an average deposit of more than $110,000, while monthly repayments have also skyrocketed during the past 12 months.

Comparison site Finder has crunched numbers released by the Australian Bureau of Statistics on home loans and found the average first-time homebuyer in Australia now needs $115,098 for a 20 per cent deposit.

This is because the average first-home loan has surged to $460,393 in Australia.

First-home buyers are borrowing $53,676 more on their maiden mortgages than they did last year.

The $460,393 figure is the highest average on record and 13.2 per cent higher than last year.

Read the full article at: www.news.com.au

Leave a Reply

Your email address will not be published.