Tuesday, 7 May 2013

ABS and Canstar analysis shows home loans doubled in 10 years


AVERAGE mortgage repayments have leapt by 105 per cent over the past decade but wage increases have failed to keep up.

Australians are putting much larger chunks of their budgets towards meeting their home loan costs than they were 10 years ago - some states have seen repayments climb by up to 152 per cent.
Wages rose by 54.5 per cent and inflation has climbed by 31.4 per cent.

Australian Bureau of Statistics data and figures compiled by financial services company Canstar compared average home loans over 25 years, based on the average interest of today's big four banks at 6.42 per cent.
In NSW the average loan size in 2002 was $212,400 but has risen to $341,800 resulting in the average monthly repayment increasing by 61 per cent to $2295.

In Victoria the average loan rose from $175,900 to $306,500 and repayments increased by 74 per cent to $2058.
In Queensland the loan size rose from $152,700 to $289,900 and the average repayments climbed by 90 per cent to $1946.