If you were to buy a house locally at the current median price of $457,500 and had 10% deposit, then you would need a mortgage for $411,750. This is small than average mortgage compared to state.
Across the whole country LORN,2320 is number 3304th fastest growing suburb by population growth, and 1027th in State. Its population grew by -37 people over the last five years.
Across the nation mortgage brokers have seen home loan repayments rise from census to census. Mortgage repayments in LORN, 2320 rank at number 1273th in State or 4721th nationally when listed in order of median monthly mortgage payment.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in LORN, 2320 should have seen some difference. While the latest census median annual household figure income is now $72,904, it was $57,298 back in 2006, which is a net increase of $15,605 Subtract from that the median mortgage repayment increase of $3,780 and a mortgage broker’s clients could be up to $11,825 better off each year even without factoring in mortgage rate cuts.