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What do Interest Rate Cuts Mean for Australian Families?

What do Interest Rate Cuts Mean for Australian Families? RBA Rate Cuts Oct 11 Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Since October 2011, the official interest rate has been reduced by 150 basis points. But what does this mean for Australian families? How Much Money is Saved? 280 240 200 160 120 II 80 40 0. Oct 11 Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 The amount of money saved is based on a $300,000 mortgage. With each 25 basis point interest rate cut, families are expected to save $50 per month - providing lenders pass on the full rate cut. $400K SAVEUP TO $320K $240K $100,000 AND 8 YEARS $160K $80K ON YOUR MORTGAGE $0 5 10 15 20 25 30 Years Original With extra repayments Based on an average home loan of $300,000 over 30 years at 6.10% interest, if families kept paying their original repayments from October 2011 (instead of pocketing the savings), they would save more than $100,000 in interest and 8 years on their mortgage. FOX SYMES DEBT SOLUTIONS MES THE LARGEST PROVIDER OF DEBT SOLUTIONS TO INDIVIDUALS AND BUSINESSES Sources http://www.rba.gov.au/statistics/tables/xls/f05hist.xls http://www.ratecity.com.au/home-loans/mortgage-news/rate-cut-imminent http://www.foxsymes.com.au/calculators/extra-repayments-calculator Piktochart Amount Saved ($/month) ATES Amount Owing RBA Interest Rate (%) -------------- What do Interest Rate Cuts Mean for Australian Families? RBA Rate Cuts Oct 11 Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Since October 2011, the official interest rate has been reduced by 150 basis points. But what does this mean for Australian families? How Much Money is Saved? 280 240 200 160 120 II 80 40 0. Oct 11 Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 The amount of money saved is based on a $300,000 mortgage. With each 25 basis point interest rate cut, families are expected to save $50 per month - providing lenders pass on the full rate cut. $400K SAVEUP TO $320K $240K $100,000 AND 8 YEARS $160K $80K ON YOUR MORTGAGE $0 5 10 15 20 25 30 Years Original With extra repayments Based on an average home loan of $300,000 over 30 years at 6.10% interest, if families kept paying their original repayments from October 2011 (instead of pocketing the savings), they would save more than $100,000 in interest and 8 years on their mortgage. FOX SYMES DEBT SOLUTIONS MES THE LARGEST PROVIDER OF DEBT SOLUTIONS TO INDIVIDUALS AND BUSINESSES Sources http://www.rba.gov.au/statistics/tables/xls/f05hist.xls http://www.ratecity.com.au/home-loans/mortgage-news/rate-cut-imminent http://www.foxsymes.com.au/calculators/extra-repayments-calculator Piktochart Amount Saved ($/month) ATES Amount Owing RBA Interest Rate (%) --------------

What do Interest Rate Cuts Mean for Australian Families?

shared by kurtappleberry on Oct 10
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Since October 2011, the Reserve Bank of Australia has slashed interest rates by 150 basis points. Based on your average $300,000, 30 year home loan at 6.10%, this has seen families save around $300 pe...

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