If you were to buy a house locally at the current median price of $330,000 and had 10% deposit, then you would need a mortgage for $297,000. This is small than average mortgage compared to state.
Between 2005 and 2011 the population of MELTON SOUTH, 3338 grew an average of 23.40 people each year. This figure of 1763.20% per annum means MELTON SOUTH is one of the fastest growing suburbs in VIC.
In VIC the median mortgage repayment has increased from $1,111 to $1,477 which is $285 more than the median monthly home loan repayment in MELTON SOUTH, VIC.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in MELTON SOUTH, 3338 should have seen some difference. While the latest census median annual household figure income is now $48,048, it was $43,529 back in 2006, which is a net increase of $4,518 Subtract from that the median mortgage repayment increase of $3,504 and a mortgage broker’s clients could be up to $1,014 better off each year even without factoring in mortgage rate cuts.