BORONIA is one of the more expensive suburbs in VIC. Median home prices are $600,000 so a 90% mortgage at level that will mean your mortgage broker will need to find you the best deal possible for a $540,000 home loan.
The average suburb population growth in VIC has been 4149.07% since 2006, so the 20725.00% population change in BORONIA 3155 is well above average.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $1,682 which is $534 more every month. As a percentage rise, this makes BORONIA, 3155 the number 3122th on a list of suburbs in Australia ranked by percentage mortgage payment increase across the 5 years between the 2006 and the 2011 census.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in BORONIA, 3155 should have seen some difference. While the latest census median annual household figure income is now $60,424, it was $51,230 back in 2006, which is a net increase of $9,193 Subtract from that the median mortgage repayment increase of $6,408 and a mortgage broker’s clients could be up to $2,785 better off each year even without factoring in mortgage rate cuts.