Yes its that time again, the first Tuesday of the month, the date us home owners either love or loath depending on what the RBA has to say. Today, we love the RBA. With its decision to reduce the cash rate by 25 basis points, this means the official rate is now at 3.25%.
Now this is good news, but will the banks pass this saving onto us or not that is the next question. If the banks do decide to pass this onto us here is what it could mean for you:
|Example loan amount||Estimated likely decrease in repayments|
|$150,000||$31.25 per month|
|$250,000||$52.08 per month|
|$350,000||$72.91 per month|
|$450,000||$93.75 per month|
|$550,000||$114.58 per month|
|$650,000||$135.41 per month|
*Please note that the official rate set by the RBA does not necessarily mirror interest rates offered by lenders and that these are only an estimated guideline.
So now we wait and hope that the banks follow the RBA and continue the interest rate decrease.
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