If you were to buy a house locally at the current median price of $1,034,250 and had 10% deposit, then you would need a mortgage for $930,825. This is a very large mortgage compared to state.
Across the whole country CHELTENHAM,3192 is number 96th fastest growing suburb by population growth, and 52th in State. Its population grew by 770 people over the last five years.
Across the nation mortgage brokers have seen home loan repayments rise from census to census. Mortgage repayments in CHELTENHAM, 3192 rank at number 215th in State or 2163th 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 CHELTENHAM, 3192 should have seen some difference. While the latest census median annual household figure income is now $64,168, it was $54,100 back in 2006, which is a net increase of $10,067 Subtract from that the median mortgage repayment increase of $6,600 and a mortgage broker’s clients could be up to $3,467 better off each year even without factoring in mortgage rate cuts.