If you were to buy a house locally at the current median price of $1,500,000 and had 10% deposit, then you would need a mortgage for $1,350,000. This is a very large mortgage compared to state.
Across the whole country ORMOND,3204 is number 746th fastest growing suburb by population growth, and 225th in State. Its population grew by 558 people over the last five years.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $2,000 which is $483 more every month. As a percentage rise, this makes ORMOND, 3204 the number 1453th 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 ORMOND, 3204 should have seen some difference. While the latest census median annual household figure income is now $74,672, it was $56,399 back in 2006, which is a net increase of $18,272 Subtract from that the median mortgage repayment increase of $5,796 and a mortgage broker’s clients could be up to $12,476 better off each year even without factoring in mortgage rate cuts.