Mozo's five need to know numbers after the August RBA rate cut

Mozo's five need to know numbers after the August RBA rate cut
Mozo's five need to know numbers after the August RBA rate cut

As foretold by July’s inflation results, the Reserve Bank has slashed the official cash rate to a record 1.5 percent. 

Mozo has calculated the top five numbers you need to know after Tuesday’s announcement:
 
Mozo's five need to know numbers after the August RBA rate cut

This is the average amount of days taken by lenders to pass on the cut to borrowers since the last time the RBA cut the cash rate in May.

Mozo's five need to know numbers after the August RBA rate cut

The big banks are expected to play scrooge this time around holding back as much as 10 bps of the cut to protect their margins that have been squeezed by cost of funding pressures. In fact, ANZ has pocketed around $30 million since May by failing to pass on the last cut in full.

Mozo's five need to know numbers after the August RBA rate cut

This is how much the average mortgage holder could save in monthly repayments on a typical, $300,000 loan if their lender passed on the full 0.25 percent rate cut.

Mozo's five need to know numbers after the August RBA rate cut

This is how much the average borrower could save in interest by maintaining their current monthly repayments on a $300,000 loan despite a 25 bps rate cut.

Mozo's five need to know numbers after the August RBA rate cut

Competition in the fixed rate home loan market is heating up with 49 lenders now offering 3 year fixed rates under 4 percent. Borrowers can fix a portion of their home loan from as little as 3.67 percent for three years or 3.99 percent for five years.

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Tags: 
Interest Rates Home Loans

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