If you were to buy a house locally at the current median price of $601,000 and had 10% deposit, then you would need a mortgage for $540,900. This is an average sized mortgage compared to state.
NSW has seen an average of 3164.30% rowth over the last 5 years. This means that with well above the state figure, RUSE, 2560 figure of -122 represents a 5402.00% change.
Across the nation mortgage brokers have seen home loan repayments rise from census to census. Mortgage repayments in RUSE, 2560 rank at number 708th in State or 3166th nationally when listed in order of median monthly mortgage payment.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in RUSE, 2560 should have seen some difference. While the latest census median annual household figure income is now $76,960, it was $64,760 back in 2006, which is a net increase of $12,199 Subtract from that the median mortgage repayment increase of $5,448 and a mortgage broker’s clients could be up to $6,751 better off each year even without factoring in mortgage rate cuts.