Mozo's five need-to-know numbers after the first RBA meeting for 2016: Kirsty Lamont

GUEST OBSERVER

Here's the five numbers you need to know following the RBA’s decision to keep interest rates on hold at their first meeting for 2016.

10 

Tuesday’s outcome to leave rates on hold will see the cash rate at a record low of 2% for 10 consecutive months after the RBA’s last cut in May 2015.

3.89%

The lowest variable rate for owner-occupiers right now is 3.89% from Mortgage Simple. If your current rate isn’t as competitive as the rates offered by other lenders, it might be time to consider refinancing your home loan.

$42,467

This is how much interest you could save by switching from a home loan with the average variable rate of 4.73% to the top variable rate on the market on a typical $300,000 loan over 25 years.

27

The number of basis points, on average, that lenders decreased 3 year fixed rates by in January. With plenty of competitive fixed rates on the market, fixing at least a portion of your home loan could be a good idea. 

6

This is how many lenders have reduced the rate premium for investors last month after the latest RBA lending figures showed investor mortgage balances grew within APRA’s capital regulations.

Kirsty Lamont is marketing director of Mozo.