The five need-to-know numbers of the week: Mozo's interest rate watch

Kirsty Lamont from Mozo.com.au tells us the five numbers that you need to know following Tuesday’s record low rate cut.

3.98%

This is now the lowest variable home loan rate on the market from Loans.com.au. If this is a lot lower than your current rate it might be time to consider refinancing.

3

Three year fixed rates is where we are seeing home loan rates lower than the best variable. The popular 3 year category is being led by HSBC, offering a 3.95% rate.

$11,160

This is how much interest you could save by keeping your repayments the same and not reducing your repayments in line with a 0.25% discount passed on by your lender – if they’ve passed it on of course! (Based on a $300,000, 80% LVR loan over 25 years)

9

So far, only this many lenders have passed on Tuesday’s full 0.25% rate cut. This means seven have passed on part of the cut and a further 63 have yet to make a decision on whether to pass on a discount. 

$7.8 million

This is how much lenders profit with each day that a potential 0.25% rate cut is not delivered to customers. 

Source Mozo.com.au