Dumbledore

Hi there

Does anyone know what the average mortgage size is in Sydney ?

I've heard reports that some people have mortgages close to $1m.
Trying to get my head round what a reasonable 3 bedroom house would cost in Ryde / Epping / Frenchs Forest - looks like around $800k - $900k

iamthecreaturefromuranus

I think the last figure I saw was around the $475,000 mark.

Kooky.

Sure it varies wildly but our mortgage was 526k when we took it out (on a 3 bed 2 bath, largish apartment in a not very des res area) although we've paid in a couple of lump sums and got rid of the scary 5 at the start of that number. Just

chris955

I think that would be the average for Sydney as a whole. The median house price I just read is around $615,000 so you would imagine that the average mortgage would be high 500's at least.

Kooky.

Don't get your maths there - with a 20% deposit, which seemed to be the usual requirement when we were looking (and was what we put down), it would be nowhere near high 500s.

chris955

I wouldn't imagine most people could put down over $100,000 as a deposit, everyone would like to put down at least 20% but that wouldn't be reality for many (most).

iamthecreaturefromuranus

Hang on, most people buying homes are not first time buyers and saving up for a deposit. They will be people already on the ladder and likely to be putting down MORE than 20%. My deposit was about 60%

chris955

And of course many putting down less than 20%.

Kooky.

Yes, am currently having this discussion with a friend who doesn't have 20%. I've told him he needs to find out the cost of mortgage insurance he'll have to pay if he puts down anything less, as it might be advisable to suck it up and keep renting until he has 20%.

Renting v Buying. Discuss.

(I fell off the ladder ten years ago, and The Geek a few years before that thanks to divorce, so we have really started again.)

chris955

Yes obviously lots of people don't have 20% as it can be a very large amount of money. Does mortgage insurance add very much cost wise ? We had more than 20% but back then 20% was a MUCH smaller amount of money.

Kooky.

I haven't done the sums. There are obviously further financial implications to a small deposit so we sold our Singaporean PR and I gave up my "running away" money to put down 20%

Bermudashorts

I am currently wondering what the relevance of the "average size of mortgage in Sydney" has to my life or could have to anyone else's life.

People in the Sydney area will have taken out mortgages on different properties, at different times and some will be first mortgages and some will not and will be on the back of previous property rises.

Kooky.

If people on here only asked relevant/useful questions it would be a much quieter forum.

Bermudashorts

Good point Seasider.

Zan

Not sure if average mortgage amount is the OP's actual question rather than average house price in those areas.
I've heard av Sydney mortgages are around 400k.
OP house prices in those areas are around the 600-1mill+ mark. So mortgage would depend on what you buy and what your deposit is.