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DIY rate rise: save $30K

07/06/2010

Homebuyers can save thousands of dollars and years off their mortgage by adding the rate rise that we didn’t get in June to their repayments anyway. On an average mortgage of around $300,000, a 0.25 per cent rate rise in June would have added about $11 / week to repayments of about $50 per month.

Applying that rise in repayments would take average weekly repayments from $483 to $$499 and potentially save two years and $30,000 in total over the life of the loan. Financial markets are tipping that rates will stay unchanged for as long as six months.. Economists expect the RBA’s official cash rate to rise to 5.0 or 5.25 per cent from 4.5 per cent now, by the end of 2010.

Source: Sydney Morning Herald



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