The median house price in Fisherman Bay was $60,000 in May, in the 5522 postcode where $61,000 is the average, dual income - a level below Australia's middle pay of $65,000 for an individual. PropTrack calculated monthly mortgage repayments of $270 consumed just 2.7 per cent of income for buyers with a 20 per cent mortgage deposit of just $12,000. Monthly mortgage repayments of $1,660 consume just 5.9 per cent of income for those buying a typical unit, with a 20 per cent mortgage deposit of $70,000. RateCity research director Sally Tindall noted the major banks were no longer offering variable rates under six per cent, little more than a year after mortgage rates started with a 'two'. 'A lower rate will help keep a lid on your new mortgage repayments, but also boost your borrowing capacity in what is an incredibly difficult market.'

Source: Daily Nation June 23, 2023 22:17 UTC