RICHMOND is one of the most expensive suburbs in VIC. Median home prices are $1,125,000 so a 90% mortgage at level that will mean your mortgage broker will need to find you the best deal possible for a $1,012,500 home loan.
RICHMOND 3121 has seen a high level of growth in it’s population over the last five years.
Across the nation mortgage brokers have seen home loan repayments rise from census to census. Mortgage repayments in RICHMOND, 3121 rank at number 173th in State or 1924th 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 RICHMOND, 3121 should have seen some difference. While the latest census median annual household figure income is now $88,244, it was $62,140 back in 2006, which is a net increase of $26,104 Subtract from that the median mortgage repayment increase of $6,996 and a mortgage broker’s clients could be up to $19,108 better off each year even without factoring in mortgage rate cuts.