Impact if banks pass on full RBA rate cut

Repayments on a $500k loan would drop by $70/month on average if retail banks pass on Tuesday's cut. (AAP)

Repayments on a $500,000 mortgage would drop by $70 a month on average if retail banks fully pass on Tuesday's 25-basis-point cut in the cash rate.

WHAT YOU COULD SAVE IF BANKS PASS ON THE FULL RATE CUT:

* Mortgage size: $100,000 - new repayment: $526 - monthly saving: $14

* $200,000 - $1,051- $28

* $300,000 - $1,577 - $42

* $400,000 - $2,103 - $55

* $500,000 - $2,628 - $70

* $600,000 - $3,154 - $83

* $700,000 - $3,679 - $98

* $800,000 - $4,205 - $111

* $900,000 - $4,731 - $125

* $1,000,000 - $5,256 - $139

* (Source: ASIC. Figures for 25-year standard variable loan at an average new rate of 3.96 per cent, excluding fees)

Source AAP

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