If you were to buy a house locally at the current median price of $275,000 and had 10% deposit, then you would need a mortgage for $247,500. This is relatively small mortgage compared to state.
MELTON 3337 has seen steady growth in it’s population over the last five years.
Across the nation mortgage brokers have seen home loan repayments rise from census to census. Mortgage repayments in MELTON, 3337 rank at number 870th in State or 5134th 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 MELTON, 3337 should have seen some difference. While the latest census median annual household figure income is now $45,656, it was $40,638 back in 2006, which is a net increase of $5,018 Subtract from that the median mortgage repayment increase of $3,192 and a mortgage broker’s clients could be up to $1,826 better off each year even without factoring in mortgage rate cuts.