What you'll save if banks follow the RBA

Colin Brinsden, AAP Economics and Business Correspondent
·1-min read

WHAT YOU'LL SAVE IF BANKS FOLLOW THE RBA:

Repayments on a $400,000 mortgage will drop by around $33 a month on average if retail banks fully pass on Tuesday's 0.15 per cent cut in the cash rate by the Reserve Bank.

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

* $200,000 - $898.09 - $16.83

* $250,000 - $1122.61 - $21.04

* $300,000 - $1347.13 - $25.24

* $350,000 - $1571.66 - $29.45

* $400,000 - $1796.18 - $33.66

* $450,000 - $2020.70 - $37.87

* $500,000 - $2245.22 - $42.07

* $550,000 - $2469.75 - $46.28

* $600,000 - $2694.27 - $50.49

This assumes 30-year discounted bank variable rate loan at an average new interest rate of 3.50 per cent.

(Source: CommSec)