Interest Rate Drop of 1%
Feb 4, 2009 | in Buying a Home, Home Loans, Interest Rates How much does this take off my loan?
The reserve bank met yesterday and announced a further 1.00% drop to the official cash rate. At this stage two of the major banks have dropped by the full percent and the other banks are expected to follow shortly (otherwise they will miss out on a lot of work).
The most recent rates drop by the reserve bank of 1.00%, if passed on in full, will have a significant effect on a variable rate mortgage. Following are some estimates of just how much your obligatory repayment may change:
$200,000 loan - $166/month
$225,000 loan - $188/month
$250,000 loan - $208/month
$275,000 loan - $229/month
$300,000 loan - $250/month
$350,000 loan - $292/month
$400,000 loan - $333/month
If you have any questions please give us a call... (07) 4723 8077
Interest rate cut
Reader Comments (2)
maybe you should loook into other countries, I found a german site, where the situation is described somewhat different and more prospective. I hope you find this and understand german:
IT is worrying times that the bank of england is considering lowering the interest rate again and putting it to 0.5%, as well as considering printing more money -