Manya Rathore
Research expert covering India
Mortgages in Australia - statistics & facts
Mortgage loans are the key to homeownership for the average Australian, with owning a home out of reach for most people without housing finance. Nonetheless, rising mortgage interest rates across the country alongside recovering house prices impacted Australia’s lending activities throughout 2023, with several aspiring homeowners reluctant to take out a home loan. has trended downwards over the past two years, falling to around 298 billion Australian dollars in 2023. As of January 2024, stood at around 7.26 percent, with the average owner-occupier fixed rate around 0.5 percent lower in the same month. While rates remained high at the start of the year, forecasts from Australia’s big four banks show rates have likely reached their peak and will start to fall in the second half of 2024, which should, in turn, accelerate buying, selling, and lending activities.
