How much will the May rate cuts save me?
The Reserve Bank of Australia cut interest rates in May by 0.25 percentage points. Some lenders didn’t pass on the rate cut in full, however most customers will notice a drop in the interest they are paying.
On a $300,000, 30-year mortgage, the rate cut will push the average variable home loan rate down to 4.4 per cent and save borrowers about $44 per month. Borrowers can save even more cash by comparing their loan to the cheapest in the market. Refinancing may not be as difficult as you think.
Source: Herald Sun