Banks approved 2875 mortgages to first home buyers in May 2025, up marginally from 2858 in April and down slightly from 2895 in May 2024.
The average mortgage size was $584,348, continuing a pattern of stability since October 2024 when typical loan sizes began moving within a narrow band of $578,000 to $599,000. First home buyers paid an estimated $688,000 on average for properties in May.
Low equity mortgages, where buyers have less than a 20% deposit, made up 48.0% of all first home buyer approvals in May, up from 45.3% in March but down from 51.8% in January.