Thanks to another RBA rate cut, Christmas has come early for mortgagers. All four major banks, CBA, ANZ, NAB, and Westpac, have passed on the full cut (via The Age), saving mortgagers with a $300, 000 loan a little over $50 in interest per month*.
$50 doesn’t seem like much. Two choc tops and two 3D movie tickets, perhaps? When directed towards the mortgage, however, that small sum can potentially turn into thousands of dollars saved. So while everyone else spends their windfall at <insert shopping centre monstrosity here>, I’ll be maintaining my repayments at their higher-than-required level as per Carolyn Boyd. I mean, why break a good habit?
Anyway, like schools, op shops, and the Reserve Bank, mustbethrifty.com will be shutting down for the December/January break. Weekly postings shall resume mid-January. Until then, have a safe, fun, and thrifty holiday.
Lots of love,
*Do the maths yourself to find out how much you can potentially save with a 0.25% rate cut: 0.25% p.a./12 months x loan amount = amount saved per month