The change in the average mortgage finance for Australian First home buyers is shown in the charts below.
How does the average First Home Buyers Mortgage compare to the average wages over the years ?
Most First Home Buyers these days are two income families, many being both full time, but some with one being part time. Â A comparison against both possibilities is shown below, using average wages quoted by the ABS.
Australian First Homes Buyers Mortgage and Income Multipliers
|
2 Full Time |
1 Full + 1 Part Time |
||||
| Month-Year | Average Loan | Income | multiple | Income | multiple |
| Feb-95 | $90,800 | $67,574 | 1.34 | $52,640 | 1.72 |
| Feb-03 | $160,500 | $93,298 | 1.72 | $72,407 | 2.22 |
| Feb-04 | $186,300 | $98,571 | 1.89 | $76,609 | 2.43 |
| Feb-05 | $210,200 | $102,497 | 2.05 | $79,589 | 2.64 |
| Feb-06 | $220,300 | $107,390 | 2.05 | $83,364 | 2.64 |
| Feb-07 | $228,600 | $110,204 | 2.07 | $85,675 | 2.67 |
| Feb-08 | $227,900 | $116,048 | 1.96 | $90,061 | 2.53 |
| Feb-09 | $279,000 | $122,190 | 2.28 | $94,973 | 2.94 |
| Feb-10 | $281,600 | $128,612 | 2.19 | $100,121 | 2.81 |
| Feb-11 | $277,000 | $134,118 | 2.07 | $104,302 | 2.66 |
For the 1 Full time and 1 Part Time incomes, I have used the Male Full time plus 50% of the Female Part time average incomes, as this is probably the most common combination.
The following figures are the monthly averages for about the last 2 years.
First Home Buyers Average Loan Size
| Month and Year | Average Loan | % of all loans |
| Apr-2009 | $284,500 | 28.1% |
| May-2009 | $281,800 | 28.5% |
| Jun-2009 | $270,200 | 27.1% |
| Jul-2009 | $269,700 | 25.3% |
| Aug-2009 | $270,800 | 24.7% |
| Sep-2009 | $274,600 | 26.1% |
| Oct-2009 | $275,500 | 26.0% |
| Nov-2009 | $283,900 | 22.6% |
| Dec-2009 | $289,700 | 21.5% |
| Jan-2010 | $282,500 | 21.0% |
| Feb-2010 | $281,600 | 18.6% |
| Mar-2010 | $284,500 | 16.4% |
| Apr-2010 | $289,600 | 16.9% |
| May-2010 | $286,600 | 16.5% |
| Jun-2010 | $283,800 | 16.2% |
| Jul-2010 | $286,500 | 15.9% |
| Aug-2010 | $283,200 | 15.5% |
| Sep-2010 | $280,400 | 15.9% |
| Oct-2010 | $283,600 | 15.4% |
| Nov-2010 | $278,800 | 15.6% |
| Dec-2010 | $281,700 | 15.8% |
| Jan-2011 | $274,300 | 15.2% |
| Feb-2011 | $277,000 | 14.9% |
| Mar-2011 | $279,500 | 16.0% |
| Apr-2011 | $285,400 | 15.8% |
The following chart shows the ‘changes’ in the numbers of First Home Buyers over a longer period, using annual figures, from 1999.
Number of FHB sales in 12 months ended
| 12 Months ended | Number of Sales | % of all loans |
| Oct-1999 | 111,743 | 21.8% |
| Oct-2000 | 113,394 | 21.4% |
| Oct-2001 | 139,390 | 23.5% |
| Oct-2002 | 126,677 | 20.2% |
| Oct-2003 | 97,501 | 14.6% |
| Oct-2004 | 87,425 | 14.1% |
| Oct-2005 | 111,870 | 16.5% |
| Oct-2006 | 130,928 | 17.4% |
| Oct-2007 | 133,314 | 17.3% |
| Oct-2008 | 120,981 | 17.9% |
| Oct-2009 | 191,943 | 26.3% |
| Oct-2010 | 104,176 | 17.8% |
This following chart shows how the average First Home Buyers actual loan values have changed from 2003.
First Home Buyers Average Loan Size
| Month and Year | Average Loan | % of all loans |
| Feb-2003 | $160,500 | 15.7% |
| Feb-2004 | $186,300 | 12.7% |
| Feb-2005 | $210,200 | 15.9% |
| Feb-2006 | $220,300 | 17.5% |
| Feb-2007 | $228,600 | 17.4% |
| Feb-2008 | $227,900 | 17.3% |
| Feb-2009 | $279,000 | 26.8% |
| Feb-2010 | $281,600 | 18.6% |
| Feb-2011 | $277,000 | 14.9% |