BANKSIA is one of the more expensive suburbs in NSW. Median home prices are $1,106,000 so a 90% mortgage at level that will mean your mortgage broker will need to find you the best deal possible for a $995,400 home loan.
BANKSIA 2216 has seen steady growth in it’s population over the last five years.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $2,500 which is $527 more every month. As a percentage rise, this makes BANKSIA, 2216 the number 363th on a list of suburbs in Australia ranked by percentage mortgage payment increase across the 5 years between the 2006 and the 2011 census.
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.