The 0.25% interest rate cut by the Reserve Bank on Melbourne Cup day was welcome news for many people with a variable rate home loan. Our Belmont Branch Manager, Josh Swetnam, talks about how some borrowers can save even more than just a 0.25% reduction.
The Greater is one of the few mainstream lenders to have not increased variable rates over and above the most recent increase in official rates by the Reserve Bank of Australia last year. Interest rates have been rising which is good news for investors, but difficult for home loan customers on a variable rate.
On a $200,000 loan, each 0.25% rate increase adds approximately $33 per month to your required monthly payment on a 30 year loan term.
Here’s some practical tips on managing repayments when rates rise to minimise the impact on your family budget. Click here to read more »
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