If you were to buy a house locally at the current median price of $1,190,000 and had 10% deposit, then you would need a mortgage for $1,071,000. This is quite a large mortgage compared to state.
Australia’s total population growth over the last five years has been 3131.00 This means that BANKSIA, 2216’s growth of 277 people is considerably above the mean for the country as a whole.
BANKSIA, 2216 has seen a substantial increase in the amount of mortgage repayment the median home owner makes every month. Between 2006 and 2011 mortgage brokers have seen the median housing loan repayment increase from $1,972 to $2,500.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in BANKSIA, 2216 should have seen some difference. While the latest census median annual household figure income is now $71,292, it was $56,794 back in 2006, which is a net increase of $14,497 Subtract from that the median mortgage repayment increase of $6,330 and a mortgage broker’s clients could be up to $8,167 better off each year even without factoring in mortgage rate cuts.