No matter where in VIC you want to buy a home, it's important that you get the right mortgage product to make sure that you pay as little as possible every month. The median house price in MORWELL , 3840 is $165,000 this month which means that a mortgage for 80% of that value would be $132,000.
Between 2005 and 2011 the population of MORWELL, 3840 grew an average of 47.60 people each year. This figure of 2781.00% per annum means MORWELL is one of the fastest growing suburbs in VIC.
When looking as just how much people in suburb pay on their mortgages, the median mortgage repayment is $990 which is $253 more every month. As a percentage rise, this makes MORWELL, 3840 the number 5800th 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 MORWELL, 3840 should have seen some difference. While the latest census median annual household figure income is now $38,064, it was $31,855 back in 2006, which is a net increase of $6,208 Subtract from that the median mortgage repayment increase of $3,036 and a mortgage broker’s clients could be up to $3,172 better off each year even without factoring in mortgage rate cuts.