Australia’s mortgage debt reaches $1.4 trillion

By Greg McKenna (for Business Insider)

Australia’s love affair with mortgage debt continued to march ahead in 2015, according to the latest data from banking regulator APRA.

APRA’s quarterly Authorised Deposit-taking Institution (ADI) Property Exposure report for the December 2015 quarter showed total residential mortgage debt stood at $1.384 trillion. That’s growth of 2.2% for the quarter and 8.8% for the year to the end of December.

At $1.384 trillion total outstanding debt has risen 218% from APRA’s reported $635 billion as at March 2008 when its published data series begins.

APRA’s data also showed that the number of loans and average loan size continued to grow in 2015.

This post was originally published on Business Insider.

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