WHAT YOU'LL SAVE IF BANKS FOLLOW THE RBA:
Repayments on a $300,000 mortgage will drop by $45 a month on average if retail banks fully pass on Tuesday's 25-basis-point cut in the cash rate by the Reserve Bank.
If your mortgage is (size, new monthly repayments, reduction):
* $100,000 - $608.13 - $14.95
* $150,000 - $912.19 - $22.42
* $200,000 - $1216.26 - $29.90
* $250,000 - $1520.32 - $37.37
* $300,000 - $1824.39 - $44.84
* $350,000 - $2128.45 - $52.32
* $400,000 - $2432.52 - $59.79
* $450,000 - $2736.58 - $67.26
* $500,000 - $3040.65 - $74.74
This assumes 25-year standard variable rate loan at an average new interest rate of 5.4 per cent.
(Source: CommSec)
Share
