Home values may give canny Coffs buyers a mortgage benefit
NEW Australian Bureau of Statistics (ABS) data analysed by finder.com.au shows home loan sizes are at record highs.
The average owner occupier home loan in Australia in 2017 reached a new peak of $393,200 in December, up $4,300 in a month.
First home buyer loans also reached record highs of $334,700.
By December 2017 NSW home loans were the largest in the nation at $460,100 which is a 3.79 per cent jump in one year.
However, canny home buyers on a fixed rate loan in Coffs Harbour may be beating the mortgage brokers with median house prices showing health increases for investors.
On February 12, the median house price was $479,157 representing a 17 per cent increase in value over three years.
Unit prices showed a median value of $337, 867 giving owners a 20.7 per cent increase in the value of their property over the same period.
Money expert Bessie Hassan said the total value of owner occupier home loans in 2017 was at peak levels.
"Around $248 billion in new owner occupier home loans were written in 2017,” he said.
"We're seeing home loans reach record sizes, quite possibly due to the RBA keeping the cash rate at record lows for over a year and a half.
"Record low rates are making it an attractive environment for Aussies to borrow more than ever before.”