CHELTENHAM is one of the most expensive suburbs in VIC. Median home prices are $915,000 so a 90% mortgage at level that will mean your mortgage broker will need to find you the best deal possible for a $823,500 home loan.
Australia’s total population growth over the last five years has been 20191.00 This means that CHELTENHAM, 3192’s growth of 770 people is well above the mean for the country as a whole.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $1,950 which is $550 more every month. As a percentage rise, this makes CHELTENHAM, 3192 the number 1843th 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 CHELTENHAM, 3192 should have seen some difference. While the latest census median annual household figure income is now $64,168, it was $54,100 back in 2006, which is a net increase of $10,067 Subtract from that the median mortgage repayment increase of $6,600 and a mortgage broker’s clients could be up to $3,467 better off each year even without factoring in mortgage rate cuts.