Interest rate cuts: How much better off will you be

THE Reserve Bank has cut interest rates to a historic low of 2.25 per cent, bringing a smile to many faces. But how much will you actually save? Use our calculator to find out.

THE Reserve Bank has cut interest rates to a historic low of 2.25 per cent in one of the most keenly anticipated central bank board meeting announcements in months.

The decision was welcomed by treasurer Joe Hockey who said a cut to interest rates is good news for business and households.

But how much will you actually save each month? Use our calculator to work out how your finances will be better off.

Originally published as Interest rate cuts: How much better off will you be