If you were to buy a house locally at the current median price of $3,450,000 and had 10% deposit, then you would need a mortgage for $3,105,000. This is a very large mortgage compared to state.
MOSMAN, 2088 is number 34th in a list of the country’s fastest growing suburbs, and number 11th in State. It has had an average population growth of 243.40 over the period between the last two national censuses.
MOSMAN 2088 homeowners are paying around 16.65% more than they were at the time of the 2006 census. This means local mortgage brokers’ clients are having to pay much less than the median average increase of NSW which is 29.63%.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in MOSMAN, 2088 should have seen some difference. While the latest census median annual household figure income is now $128,180, it was $99,611 back in 2006, which is a net increase of $28,568 Subtract from that the median mortgage repayment increase of $5,196 and a mortgage broker’s clients could be up to $23,372 better off each year even without factoring in mortgage rate cuts.