If you were to buy a house locally at the current median price of $965,000 and had 10% deposit, then you would need a mortgage for $868,500. This is a very large mortgage compared to state.
Between 2005 and 2011 the population of MILTON, 4064 grew an average of 51.00 people each year. This figure of 377.40% per annum means MILTON is one of the more rapidly growing suburbs in QLD.
Across the nation mortgage brokers have seen home loan repayments rise from census to census. Mortgage repayments in MILTON, 4064 rank at number 240th in State or 698th 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 MILTON, 4064 should have seen some difference. While the latest census median annual household figure income is now $93,496, it was $62,270 back in 2006, which is a net increase of $31,226 Subtract from that the median mortgage repayment increase of $9,450 and a mortgage broker’s clients could be up to $21,776 better off each year even without factoring in mortgage rate cuts.