Which suburb you live in obviously impacts how much your next mortgage is. If we assume that the median house price is directly linked to the size of mortgages in a suburb, then MILL PARK is number 1853th on a national scale of largest to smallest mortgages. Make sure that you get a good mortgage broker who can service MILL PARK, 3082.
Between 2005 and 2011 the population of MILL PARK, 3082 grew an average of -224.60 people each year. This figure of 6083.40% per annum means MILL PARK is one of the fastest growing suburbs in VIC.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $1,600 which is $400 more every month. As a percentage rise, this makes MILL PARK, 3082 the number 3373th 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 MILL PARK, 3082 should have seen some difference. While the latest census median annual household figure income is now $71,084, it was $59,503 back in 2006, which is a net increase of $11,580 Subtract from that the median mortgage repayment increase of $4,800 and a mortgage broker’s clients could be up to $6,780 better off each year even without factoring in mortgage rate cuts.