How much can 1% off my loan rate save me?

The Big Four banks are said to be offering borrowers discounts of about 1 per cent (on average) off the advertised owner-occupier rate.

The average home loan is now $371,200 so a one per cent discount off the average variable rate (5.44 per cent) could save $215 per month, $2580 per year or over $60,000 over the life of the home loan. These discounts are substantially higher than the average 0.77 percentage point “professional package” discounts.

Source: Sydney Morning Herald