Perth chasing Sydney as city with highest outstanding mortgages

Alex RitchieJul 31, 2017( 1 min read )

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In news that shocks no Sydneysider, new research from Roy Morgan Research has identified the harbour city as having the highest outstanding mortgages at $293,000.

Surprisingly, this is followed by Perth, with a median amount outstanding of $279,000. Melbourne took third place, with a median amount outstanding of $243,000.

The new research also revealed that Australians are $1 trillion dollars in mortgage debt, equating to a median outstanding mortgage of $228,800 for every owner-occupier mortgage holder.

Median Amount Outstanding on Mortgages:

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Source: Roy Morgan Research

Industry Communications Director for Roy Morgan Research, Norman Morris, said “it’s not surprising that the median home loan outstanding in Sydney is the highest in Australia.”

“It also has the highest growth rate over the last 12 months.

“Sydney incomes are higher than the rest of Australia and continue to increase” added Mr Morris.

Alex Ritchie

Personal Finance Writer

Alex is a personal finance writer and PR professional at RateCity, and has been writing about finance for over three years. She is passionate about closing the gender pay and superannuation gap, and aims to help young Aussies to overcome their financial apathy and better manage their finances. Alex has been published in numerous print and online outlets, including Money Magazine, Lifehacker Australia, and Business Insider.

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Tip: You can use RateCity how much can I borrow calculator to get a quick answer.

How much money you can borrow for a home loan will depend on a number of factors including your employment status, your income (and your partner’s income if you are taking out a joint loan), the size of your deposit, your living expenses and any other debt you might hold, including credit cards.

A good place to start is to work out how much you can afford to make in monthly repayments, factoring in a buffer of at least 2 – 3 per cent to allow for interest rate rises along the way. You’ll also need to factor in additional costs that come with purchasing a property such as stamp duty, legal fees, building inspections, strata or council fees.

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Perth chasing Sydney as city with highest outstanding mortgages

Related news

Cheapest rents found in Perth and Adelaide

Fewer homes taken to auction in July

House prices rising, but peak still a far climb

No crash for housing prices yet as homeowners hope for market bounce

Median Amount Outstanding on Mortgages:

Today's top home loans products

Discount Offer Variable Home Loan OO P&I ($200k+)

Home Package Plus Personal Fixed Special (Principal and Interest) 2 Years (LVR 80%-90%)

Live-in Variable Loan (Principal and Interest)

Star Essentials Home Loan (Amounts $150k-$850k, LVR < 80%)

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