Mortgages in Australia are a common way for individuals to finance the purchase of property. They are typically offered by banks, credit unions, and other financial institutions. The most popular types of mortgages include variable-rate and fixed-rate loans, with some offering split loans that combine both. Australian mortgages usually have a term of 25 to 30 years, and borrowers can make regular payments that cover both principal and interest. The Reserve Bank of Australia (RBA) influences mortgage interest rates through its cash rate decisions, impacting affordability. Additionally, borrowers can choose features like offset accounts or redraw facilities to manage repayments and save on interest.