Mortgages in Australia are a popular way for individuals to finance the purchase of property. Typically, a mortgage is a loan secured by the property, with the borrower making regular payments to the lender over an agreed period, often 25 to 30 years. Australian mortgages come in various forms, including fixed-rate, variable-rate, and split loans, allowing borrowers flexibility depending on market conditions and their financial situation. The Reserve Bank of Australia (RBA) plays a key role in influencing interest rates, impacting mortgage repayments. Borrowers must also consider additional costs like stamp duty, lender’s mortgage insurance (LMI), and legal fees when obtaining a mortgage.