COBURG is one of the more expensive suburbs in VIC. Median home prices are $900,000 so a 90% mortgage at level that will mean your mortgage broker will need to find you the best deal possible for a $810,000 home loan.
Australia’s total population growth over the last five years has been 24876.00 This means that COBURG, 3058’s growth of 1255 people is well above the mean for the country as a whole.
With a median housing loan repayment of $1,954 a month, COBURG , 3058 mortgage brokers are seeing mortgage holders paying $518 more than 2006.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in COBURG, 3058 should have seen some difference. While the latest census median annual household figure income is now $68,900, it was $52,977 back in 2006, which is a net increase of $15,922 Subtract from that the median mortgage repayment increase of $6,222 and a mortgage broker’s clients could be up to $9,700 better off each year even without factoring in mortgage rate cuts.