If you were to buy a house locally at the current median price of $920,000 and had 10% deposit, then you would need a mortgage for $828,000. This is a very large mortgage compared to state.
WARRANDYTE 3113 has seen steady growth in it’s population over the last five years.
In VIC the median mortgage repayment has increased from $1,111 to $1,477 which is $-523 less than the median monthly home loan repayment in WARRANDYTE, VIC.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in WARRANDYTE, 3113 should have seen some difference. While the latest census median annual household figure income is now $105,352, it was $84,463 back in 2006, which is a net increase of $20,888 Subtract from that the median mortgage repayment increase of $4,200 and a mortgage broker’s clients could be up to $16,688 better off each year even without factoring in mortgage rate cuts.