Source : the age
The Reserve Bank has cut the official interest rate for the second time in three months in its May meeting, delivering 0.25 percentage points of relief for mortgage holders.
The RBA cut the cash rate to 3.85 per cent – the first time it’s been under 4 per cent in two years – in a move that was widely anticipated by markets and the major banks.
Commercial banks make their own decisions about whether to pass on rate cuts to their mortgage rates. Our interest rate calculator below allows you to gauge how much money you would save from a rate cut.
Enter your loan amount, the length of your loan, and your existing interest rate, then select the interest rate change you expect to get your new monthly repayment.
Calculations are based on monthly fixed interest rate increases on principal loan amount excluding requisite monthly repayments, adjustments to repayment amounts, or additional repayment instalments.
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