As property prices soar to new heights across Australian cities, the team at Park Avenue Finance is here to guide you through the changing landscape of home loans. Let’s explore the current state of new home loan balances and how our expert brokers can help you secure the right mortgage for your needs.
The Current Property Market Landscape
Despite high interest rates and increased living costs, national home values have risen by 8% over the past year. While this is great news for homeowners, it presents challenges for buyers who may need larger loans to enter the market.
Average New Mortgage Sizes Across Australia
As of May 2024, the average new mortgage in Australia has reached a record high of $626,055. This translates to monthly repayments of approximately $3,875 on a 30-year principal and interest loan at 6.3%.
However, loan sizes vary significantly across states and territories. Here’s a breakdown:
- NSW: $767,584
- VIC: $601,891
- QLD: $586,627
- SA: $541,775
- WA: $538,860
- TAS: $462,324
- ACT: $614,242
- NT: $437,427
How Park Avenue Finance Can Help You Manage Your Home Loan
At Park Avenue Finance, we understand that managing a home loan in today’s high-interest environment can be challenging. Our expert brokers are here to help you navigate these waters with tailored solutions:
- Offset Home Loans: We can help you find loans with offset accounts, allowing you to use your savings to reduce interest charges while maintaining financial flexibility.
- Flexible Repayment Options: Our team can identify loans that allow extra repayments at no additional cost, helping you pay down your loan faster and save on interest.
- Strategic Repayment Scheduling: We can advise on strategies like switching to fortnightly repayments, which can lead to significant savings over the life of your loan.
- Competitive Interest Rates: Our relationships with a wide range of lenders allow us to find you the most competitive rates available for your situation.
- Tailored Loan Features: We’ll work with you to understand your unique needs and find a loan with features that best suit your financial goals and circumstances.
Take the Next Step with Park Avenue Finance
Whether you’re looking to buy your first home, upgrade to a new property, or refinance your existing loan, Park Avenue Finance is here to help. Our experienced brokers can guide you through the process, from assessing your borrowing capacity to securing a loan that aligns with your long-term financial objectives.
Don’t navigate this complex market alone. Contact Park Avenue Finance today, and let’s work together to turn your property goals into reality, no matter what the market is doing.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice. Before taking any action, consider your own particular circumstances and seek professional advice from the expert team at Park Avenue Finance.
