|
| Quarter |
2007–08 |
2008–09 |
2009–10 |
2010–11 |
2011–12 |
| Average size of new home loan (a) – $ |
|
|
|
|
|
|
|
|
|
| September |
262 762 |
276 516 |
292 795 |
326 733 |
323 572 |
| December |
264 023 |
284 007 |
308 764 |
329 159 |
317 048 |
| March |
259 753 |
282 341 |
316 134 |
323 183 |
311 415 |
| June |
270 399 |
289 340 |
325 553 |
328 979 |
321 133 |
|
|
|
|
|
|
| Annual average |
264 051 |
283 583 |
309 111 |
327 143 |
318 376 |
| |
|
|
|
|
|
| Average monthly repayment on new home loans – $ |
|
|
|
|
|
|
|
|
| September |
1 957 |
2 226 |
1 747 |
2 205 |
2 258 |
| December |
2 014 |
1 854 |
1 961 |
2 272 |
2 227 |
| March |
2 091 |
1 678 |
2 020 |
2 240 |
2 196 |
| June |
2 202 |
1 715 |
2 175 |
2 290 |
2 155 |
|
|
|
|
|
|
| Annual average |
2 066 |
1 868 |
1 975 |
2 252 |
2 209 |
| |
|
|
|
|
|
| Loan repayments as a proportion of family income – per cent |
|
|
|
|
|
|
|
| September |
36.8 |
40.7 |
29.5 |
35.5 |
34.4 |
| December |
37.3 |
32.5 |
32.4 |
36.0 |
33.5 |
| March |
38.4 |
29.1 |
33.0 |
35.0 |
32.7 |
| June |
40.0 |
29.4 |
35.2 |
35.4 |
31.9 |
|
|
|
|
|
|
| Annual average |
38.1 |
32.8 |
32.6 |
35.5 |
33.1 |
| |
|
|
|
|
|
(a) Excludes alterations and additions and refinancing.
Sources: Real Estate Institute of Australia and Deposit Power ABS, Housing Finance, Cat. no. 5609.0
Update 2 November 2012 for lending
Early 5 December 2012 for affordability
|
Key points
In the June quarter 2012 median family incomes rose by 0.5 per cent but average loan repayments fell by 1.9 per cent.
Combined, these movements reduced the proportion of family income dedicated to servicing an average mortgage to 31.9 per cent—this is 4.6 percentage points higher than the long-term average of 27.3 per cent.
The size of an average home loan in the month of August 2012 was $320 872, a decrease of 0.2 per cent compared to the month of July 2012.
Average home loan size decreased in annual terms by 0.5 per cent, meaning an average borrower was servicing $1 461 less in borrowings than a year ago.
What is measured
The ABS housing finance publication measures the number and value of finance commitments made by Australian lenders for housing.
The lending figures are for people buying or building homes to live in (owner occupiers), as well as those seeking to buy or build homes for investment purposes.
The average mortgage in this bulletin is calculated by dividing the value of loans issued, by the number of loans issued, as reported by the ABS.
The REIA/Deposit Power home loan affordability report provides data on home loan repayments compared to incomes. The report covers average loan sizes, repayments, interest rates and affordability ratios. This bulletin shows the monthly repayment and proportions data from that report.
Related statistics in this bulletin
- 2.1 Average weekly earnings
- 3.4 Household debt and household saving ratios
- 5.2 Housing and cash interest rates
- 5.3 Lending for housing
Related publications
- ABS, Lending finance, Cat. no. 5671.0
- REIA and Deposit Power, Home loan affordability report
- Housing Industry Association–Commonwealth Bank, Housing affordability index report
|