Australians owe more on mortgages than country's f

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    By Matt Wade
    November 9 2002

    The average new home loan scaled fresh heights and new home buyers deserted the market in September, as spiralling property prices continued to fuel Australia's home-borrowing binge.

    Strong lending for established houses pushed housing finance for owner occupation up 0.3 per cent in September - the first rise in three months.

    The average mortgage in NSW - excluding refinancing - rose to $207,700 from $202,800 in August, while the national average jumped to a record $170,900, the Bureau of Statistics said.

    The average new mortgage in NSW has surged 35 per cent in two years, according to the bureau's original figures.
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