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How to slash $565 a month from a $1m mortgage despite the RBA ‘hold’

How to slash $565 a month from a $1m mortgage despite the RBA ‘hold’

Why wait for the RBA to move? Here’s how to save on your mortgage over the next 12 months.

You don’t need to wait for an RBA cut to lower your mortgage repayments. Simon Letch

The Reserve Bank shocked Australia when it unexpectedly left the cash rate on hold at 3.85 per cent on Tuesday.

Most economists and the money markets had expected a 0.25 basis point rate cut, and if you had listened to them, you might be among the borrowers who had already banked the savings.

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Michelle Bowes
Michelle BowesWealth reporterMichelle Bowes writes about personal finance from our Sydney newsroom. She has been a business journalist for 25 years and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com

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Original URL: https://www.afr.com/wealth/personal-finance/how-to-slash-565-a-month-from-a-1m-mortgage-despite-the-rba-hold-20250708-p5mddq