RBA Drops Official Interest Rate by 25 Basis Points, to 3 Per Cent, at April Meet
The RBA kept the cash rate steady in March, as it waited to see the effects of its September 2008, and February 2009 cuts, and the various government stimulus packages.
Mortgage Choce Senior Corporate Affairs manager Kristy Sheppard said borrowers need to be remindered of the unusual combination of circumstances that are providing them with a fantastic opportunity to get ahead.
"If lenders match the cut in full, which they have warned not to occur, the average standard variable loan will be almost $48 per month on their repayments," she said.
"However, if the same borrower added their monthly savings to their repayments, they would save approxiamtely $25,810 in interest and two years off their loan.
