Average first home loan is $283K
The average loan for a first-home buyer is $283,400, according to the latest Australian Bureau of Statistics figures.
To qualify for a mortgage with a loan-to-valuation ratio of 90 per cent, the borrower needs a deposit of $28,000.
To qualify for a mortgage with a loan-to-valuation ratio of 80 per cent and avoid the cost of mortgage insurance, the borrower needs a deposit of $56,000.
House prices have become more affordable over the past few years. Affordability is at its highest level since September 2009. The improvement is a result of a fall in house prices of about 6 per cent since 2010, modest but steady wage growth and lower mortgage interest rates.
Source: The Age