LILYDALE is one of the more expensive suburbs in VIC. Median home prices are $680,000 so a 90% mortgage at level that will mean your mortgage broker will need to find you the best deal possible for a $612,000 home loan.
LILYDALE, 3140 is number 181th in a list of the country’s fastest growing suburbs, and number 88th in State. It has had an average population growth of 352.40 over the period between the last two national censuses.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $1,733 which is $433 more every month. As a percentage rise, this makes LILYDALE, 3140 the number 2627th 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 LILYDALE, 3140 should have seen some difference. While the latest census median annual household figure income is now $66,768, it was $57,054 back in 2006, which is a net increase of $9,713 Subtract from that the median mortgage repayment increase of $5,196 and a mortgage broker’s clients could be up to $4,517 better off each year even without factoring in mortgage rate cuts.