If you were to buy a house locally at the current median price of $1,300,000 and had 10% deposit, then you would need a mortgage for $1,170,000. This is a very large mortgage compared to state.
PORT MELBOURNE, 3207 is number 211th in a list of the country’s fastest growing suburbs, and number 98th in State. It has had an average population growth of 245.60 over the period between the last two national censuses.
Mortgage brokers in PORT MELBOURNE, 3207 have seen that the median mortgage loan repayment has increased substantially between the last two census periods, changing from $2,129 to $2,535.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in PORT MELBOURNE, 3207 should have seen some difference. While the latest census median annual household figure income is now $103,740, it was $85,581 back in 2006, which is a net increase of $18,158 Subtract from that the median mortgage repayment increase of $4,872 and a mortgage broker’s clients could be up to $13,286 better off each year even without factoring in mortgage rate cuts.