Average home loan is going down
Repayments on the average new mortgage are $254 less now, in mid-2016, than they were at Australia's borrowing peak in November 2015.
That saving is partly due to the May RBA rate cut but also due to a rapid decline in how much buyers are borrowing.
In November the average home loan was $392,700. Now it's $361,400, with average monthly repayments of $2092, down 8 per cent.
Source: The Age