If you were to buy a house locally at the current median price of $720,000 and had 10% deposit, then you would need a mortgage for $648,000. This is a very large mortgage compared to state.
Across the whole country SHORNCLIFFE,4017 is number 2746th fastest growing suburb by population growth, and 623th in State. Its population grew by 320 people over the last five years.
Mortgage brokers in SHORNCLIFFE, 4017 have seen that the median mortgage loan repayment has increased substantially between the last two census periods, changing from $1,700 to $2,167.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in SHORNCLIFFE, 4017 should have seen some difference. While the latest census median annual household figure income is now $75,920, it was $52,780 back in 2006, which is a net increase of $23,140 Subtract from that the median mortgage repayment increase of $5,604 and a mortgage broker’s clients could be up to $17,536 better off each year even without factoring in mortgage rate cuts.