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What you'll save if banks follow the RBA

AAP logoAAP 2/08/2016

WHAT YOU'LL SAVE IF BANKS FOLLOW THE RBA:

Repayments on a $300,000 mortgage will drop by around $45 a month on average if retail banks fully pass on Tuesday's 25-basis-point cut in the cash rate by the Reserve Bank.

If your mortgage is (size, new monthly repayments, reduction):

* $100,000 - $593.36 - $14.77

* $150,000 - $890.04 - $22.15

* $200,000 - $1186.73 - $29.53

* $250,000 - $1483.41 - $36.92

* $300,000 - $1780.09 - $44.30

* $350,000 - $2076.77 - $51.69

* $400,000 - $2373.45 - $59.07

* $450,000 - $2670.13 - $66.45

* $500,000 - $2966.81 - $73.84

This assumes 25-year standard variable rate loan at an average new interest rate of 5.15 per cent.

(Source: CommSec)

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