Home loan repayments going up

According to the 2011 census, released by the Australian Bureau of Statistics yesterday, average monthly home-loan repayments have increased 40 per cent over the five years since 2006, rising to $1,800 from $1,300.

The average home loan increased 15 per cent to $299,200 from $261,100. The percentage of households with a home loan increased a little over the census cycle, to 34.9 per cent from 34.1 per cent.

There are signs of greater stress among the mortgage-paying population. For 9.9 per cent of households, their mortgage repayment was more than 30 per cent of their income in 2011, up from 8.4 per cent in 2006, the Australian Bureau of Statistics said.

Source: Banking Day