FORSTER is one of the less expensive suburbs in NSW. Median home prices are $466,000 so a 90% mortgage at level that will mean your mortgage broker will need to find you the best deal possible for a $419,400 home loan.
Between 2005 and 2011 the population of FORSTER, 2428 grew an average of 84.00 people each year. This figure of 2603.40% per annum means FORSTER is one of the fastest growing suburbs in NSW.
FORSTER 2428 homeowners are paying around 15.38% more than they were at the time of the 2006 census. This means local mortgage brokers’ clients are having to pay much less than the median average increase of NSW which is 29.63%.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in FORSTER, 2428 should have seen some difference. While the latest census median annual household figure income is now $37,908, it was $32,687 back in 2006, which is a net increase of $5,220 Subtract from that the median mortgage repayment increase of $2,400 and a mortgage broker’s clients could be up to $2,820 better off each year even without factoring in mortgage rate cuts.