Mortgage Rates Hit 18-Year High: Loyalty or Refinance?
RBA cash rate is at 4.85%, the highest since 2008 after five hikes this year. Major banks including CBA, Westpac, NAB, ANZ, and Macquarie are passing on full cost increases to variable borrowers. Experts suggest refinancing to save just 0.5% could yield over $3,000 annual savings on an $800k loan.
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Known and confirmed
- RBA cash rate is at 4.85%, the highest since 2008 after five hikes this year.
- Major banks including CBA, Westpac, NAB, ANZ, and Macquarie are passing on full cost increases to variable borrowers.
- Experts suggest refinancing to save just 0.5% could yield over $3,000 annual savings on an $800k loan.
Unknown or unverified
- Refinancing eligibility depends on individual credit scores and equity, not guaranteed for all.
- Future RBA rate decisions remain unpredictable, potentially altering long-term savings calculations.
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