The information in this table comes straight out of the 2016 Census. It may seem surprising that we can see monthly mortgage repayments to this level of detail but it is publicly accessible information.
As you can see, we have included a Sydney column on the right-hand side. We have done this to show you the benefit of living in a more affordable part of NSW.
56.5% of mortgaged households on the Central Coast pay less than $2,000 per month. Only 39.2% of Sydney mortgagors enjoy these lower repayments.
At the other end of the spectrum, 27.9% of Sydney mortgagors are paying more than $3,000 per month. The equivalent percentage on the Central Coast is only 11.5%. Only 3.9% pay more than $4,000 per month.
Median weekly mortgage repayments on the Coast are $85 lower than the greater Sydney average of $495.
Although household incomes are lower than greater Sydney (see below), that is largely due to our higher proportion of retirees.
One question that we can’t answer with all of this data is whether people on the Coast are paying too much for their mortgages. I aim to make sure we are not. One refinance at a time. Please give me a call on 0414255530 if you would like to check your loan.