If you were to buy a house locally at the current median price of $621,100 and had 10% deposit, then you would need a mortgage for $558,990. 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, THE BASIN, 3154 figure of 120 represents a 4129.00% 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 THE BASIN, VIC.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in THE BASIN, 3154 should have seen some difference. While the latest census median annual household figure income is now $75,608, it was $60,928 back in 2006, which is a net increase of $14,679 Subtract from that the median mortgage repayment increase of $5,460 and a mortgage broker’s clients could be up to $9,219 better off each year even without factoring in mortgage rate cuts.