In Australia, mortgages are the primary method for financing property purchases. Typically offered by banks and other lending institutions, they involve borrowing a substantial amount to buy a home, which is repaid over 20 to 30 years with interest. Mortgage options include variable-rate loans, where interest rates fluctuate with the market, and fixed-rate loans, where the interest remains constant for a set period. Borrowers often need to provide a deposit of around 20%, although some loans allow for smaller deposits with added costs like lender’s mortgage insurance (LMI). Australian mortgage interest rates are influenced by the Reserve Bank of Australia’s cash rate, economic conditions, and lending policies.