Why switching your mortgage could save you nearly $150,000

Why switching your mortgage could save you nearly $150,000 - as it's revealed banks have made $14BILLION from refusing to pass on interest rate cuts Australian interest rates were been cut to a new record low of just 0.75 per cent  The major four banks failed to match last weeks 0.25 per cent reduction But some smaller mortgage lenders did pass the RBA rate cut in full 

By Zoe Zaczek For Daily Mail Australia

Published: 01:29 BST, 7 October 2019 | Updated: 04:42 BST, 7 October 2019

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Switching your mortgage away from the big four banks in the wake of the Reserve Bank of Australia interest cuts could save you nearly $150,000. 

The RBA announced last week it would cut the cash rate to a record-low of 0.75 per cent, reducing the cost of borrowing for the third time in just four months. 

The major banks will now make an extra $14bn a year in interest ­repayments after failing to match the 0.25 per cent reduction and withholding a quarter of all RBA rate cuts since 2011.

But some smaller mortgage lenders did pass the rate cut in full, widening the gap between the mortgage rates in the market.  

The RBA announced last week it would cut the cash rate to a record-low of 0.75 per cent, reducing the cost of borrowing for the third time in just four months (stock image)

The RBA announced last week it would cut the cash rate to a record-low of 0.75 per cent, reducing the cost of borrowing for the third time in just four months (stock image)

Sydney couple Jurgen Conrad and Rosie Rivas swapped their mortgage from a subsidiary of one of the big banks to Athena Home Loans earlier in the year, Sydney Morning Herald reported. 

They pay less than three per cent interest on their mortgage with

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