Australia’s home loan secrets revealed for the first time
illion’s inaugural Mortgage Nation: The Great Australian Debt Report analyses the actual banking and mortgage records of almost five million Australians, making it one of the most detailed and credible in the country.
Our new report is chock full of amazing new insights, for instance, we have found that middle-aged Australians aged between 30-50 are burdened by the largest mortgages, dispelling the myth that first home-buying Millennials are the most disadvantaged generation financially, research by illion has revealed.
Other key highlights
- Australia’s 25 million people live in 10.3 million homes, worth a collective $6.6 trillion
- Baby boomers are spending about $1 billion a year of their Millennial children’s inheritance, by gradually selling off their homes through ‘reverse mortgages’
- Almost 40% of all mortgages are now taken out by single borrowers, reflecting the changing social fabric of Australia
- Sydney is the female financial liberation capital, with five of its suburbs having the highest rates of single female home ownership of anywhere in the country
- About 180,000 new homes are being built per year, or 15,000 a month