What is the average variable home loan rate?
Data from financial comparison website iSelect shows that, on a standard $300,000, 30-year home loan, the average variable rate is now 4.35 per cent. The average monthly home loan repayments are currently $1493.
If a borrower pays an additional $50 per week on their mortgage, their monthly repayments would rise to $1710. However they would save almost $60,000 in interest charges by paying off the entire home loan six years and eight months early.
Source: Herald Sun