The Reserve Bank of Australia (RBA) has recently reduced the official cash rate by 0.25 percentage points to 3.85%, making it the lowest rate in over two years. This move aims to ease financial pressures on households and stimulate economic growth. But what does this mean for homeowners and those looking to build a new home?
How much could you save?
With the big 4 major banks passing on the full rate cut, mortgage holders stand to benefit. Here’s the estimate of potential savings:
- A $800,000 mortgage could see repayments drop by around $128* per month
- A $900,000 mortgage could see repayments drop by around $145* per month
- A $1,000,000 mortgage could see repayments drop by around $160* per month
Here to help you navigate the market
At Complete by McDonald Jones, we understand how important it is to find the right home loan and make informed financial decisions. That’s why we work alongside MyChoice Home Loans to help you secure the best home loan option for your new home.
We can help you achieve your dream of homeownership, whether you’re a first home buyer, upgrading your family home, or building your investment portfolio. The team at MyChoice Home Loans call on their relationships with many of Australia’s leading lenders to help secure the best home loan to suit your needs. By comparing lenders, negotiating rates, and guiding you through the entire loan process, MyChoice Home Loans takes the stress out of financing your dream home and works to deliver you the benefits of the recent interest rate cuts.
Explore your options with MyChoice Home Loans online calculators
Wondering how much you could save on your current home loan? Looking to refinance? MyChoice Home Loans provides a range of online calculators to help you:
- Loan Repayment Calculator: See how much your repayments will be with a lower interest rate.
- Borrowing Power Calculator: Find out how much you could borrow based on your income and expenses.
- Stamp Duty Calculator: Estimate the additional costs of buying a new home in your state.
These tools make it easier to plan your budget and take advantage of the lower rates.
With the right home loan and a smart financial plan, owning your dream home with Complete home might now be closer than you think. Explore our turnkey house and land packages and financing options today.
*IMPORTANT NOTICE: This guide is information only and should not be relied on as financial advice. Calculated on an interest rate reduction from 6.25% to 6.00% per annum for variable rate Term Loan with principle and interest repayments over 30 years for owner occupied purposes and Loan to Value (LVR) less than 80%. Rates and figures are for illustration purposes only. Actual interest rates and repayments will vary depending on each borrower’s personal circumstances, loan amounts and loan repayment terms. MyChoice Home Loans Pty Limited ACN 610 250 578 is an authorised Credit Representative (Number 485273) of Mortgageport Management Pty Ltd ACN 082 753 679 (Australian Credit Licence 386360).