If you were to buy a house locally at the current median price of $1,110,000 and had 10% deposit, then you would need a mortgage for $999,000. This is quite a large mortgage compared to state.
Between 2005 and 2011 the population of THE HILL, 2300 grew an average of -77.00 people each year. This figure of 323.20% per annum means THE HILL is one of the average growth suburbs in NSW.
Across the nation mortgage brokers have seen home loan repayments rise from census to census. Mortgage repayments in THE HILL, 2300 rank at number 1363th in State or 4954th 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 THE HILL, 2300 should have seen some difference. While the latest census median annual household figure income is now $75,868, it was $55,785 back in 2006, which is a net increase of $20,082 Subtract from that the median mortgage repayment increase of $3,516 and a mortgage broker’s clients could be up to $16,566 better off each year even without factoring in mortgage rate cuts.