If you were to buy a house locally at the current median price of $255,000 and had 10% deposit, then you would need a mortgage for $229,500. This is relatively small mortgage compared to state.
Between 2005 and 2011 the population of MAFFRA, 3860 grew an average of -44.20 people each year. This figure of 1002.60% per annum means MAFFRA is one of the more rapidly growing suburbs in VIC.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $1,200 which is $333 more every month. As a percentage rise, this makes MAFFRA, 3860 the number 5097th 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 MAFFRA, 3860 should have seen some difference. While the latest census median annual household figure income is now $46,228, it was $40,196 back in 2006, which is a net increase of $6,032 Subtract from that the median mortgage repayment increase of $3,996 and a mortgage broker’s clients could be up to $2,036 better off each year even without factoring in mortgage rate cuts.