TOORAK is one of the most expensive suburbs in VIC. Median home prices are $4,050,000 so a 90% mortgage at level that will mean your mortgage broker will need to find you the best deal possible for a $3,645,000 home loan.
TOORAK, 3142 is number 287th in a list of the country’s fastest growing suburbs, and number 122th in State. It has had an average population growth of -51.20 over the period between the last two national censuses.
Mortgage brokers in TOORAK, 3142 have seen that the median mortgage loan repayment has increased substantially between the last two census periods, changing from $2,366 to $2,700.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in TOORAK, 3142 should have seen some difference. While the latest census median annual household figure income is now $102,804, it was $88,181 back in 2006, which is a net increase of $14,622 Subtract from that the median mortgage repayment increase of $4,008 and a mortgage broker’s clients could be up to $10,614 better off each year even without factoring in mortgage rate cuts.