The 0.25 percentage point cut in official cash rates to a record low of 1.5% doesn’t fully translate when it is applied to home loans.
The Commonwealth, the first of the banks to announce a corresponding fall in mortgage rates, is cutting home loans by about half the official drop, by 13 basis points to a record low of 5.22% for owner occupiers.
And NAB has just announced a 0.1% cut on its home loan rates.
But according to loan researchers CANSTAR, the CBA cut works out to a monthly saving on home loan payments of:
$38.41 on $500,000
$34.57 on $450,000
$30.73 on $400,000
$26.89 on $350,000
$23.05 on $300,000
$19.21 on $250,000
$15.37 on $200,000
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