If you were to buy a house locally at the current median price of $725,000 and had 10% deposit, then you would need a mortgage for $652,500. This is a very large mortgage compared to state.
WEST LAKES 5021 has seen a decline in it’s population over the last five years.
In SA the median mortgage repayment has increased from $994 to $1,395 which is $-338 less than the median monthly home loan repayment in WEST LAKES, SA.
Although an increase in household income doesn’t necessarily mean more disposable income, over the 5 year census period, mortgage holders in WEST LAKES, 5021 should have seen some difference. While the latest census median annual household figure income is now $60,528, it was $55,905 back in 2006, which is a net increase of $4,622 Subtract from that the median mortgage repayment increase of $7,596 and a mortgage broker’s clients could be up to $-2,973 better off each year even without factoring in mortgage rate cuts.