Knowledge Centre

Average loan sizes and how to pay it off faster

5/11/2024

The average borrower is taking out a $636,209 home loan, with loan sizes ranging significantly in specific states, based on mortgage data from the ABS. Check out the chart below for the figures:

Regardless of whether your mortgage is higher or lower than these figures, you probably want to reduce your loan balance. Here are some tactics to help you achieve that goal:

1. Switch from monthly to fortnightly repayments – this means you’ll make the equivalent of 13 months of repayments each year.
2. Use your offset account or redraw facility (if you have them), to reduce your interest.
3. Refinance to a lower interest rate – there are really good deals available for borrowers who have at least 20% equity in their home.

All of those things really depend on your personal circumstances and financial position – so please get in touch if you want us to help you run some numbers.