If you were to buy a house locally at the current median price of $775,000 and had 10% deposit, then you would need a mortgage for $697,500. This is quite a large mortgage compared to state.
VIC has seen an average of 4149.07% rowth over the last 5 years. This means that with above the state figure, MCCRAE, 3938 figure of 168 represents a 2443.00% change.
In VIC the median mortgage repayment has increased from $1,111 to $1,477 which is $-148 less than the median monthly home loan repayment in MCCRAE, VIC.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in MCCRAE, 3938 should have seen some difference. While the latest census median annual household figure income is now $51,844, it was $42,666 back in 2006, which is a net increase of $9,178 Subtract from that the median mortgage repayment increase of $4,806 and a mortgage broker’s clients could be up to $4,372 better off each year even without factoring in mortgage rate cuts.