BENDIGO Bank has followed Australia's major lenders in passing on an 80 basis points cut to its variable home loan after the Reserve Bank of Australia's surprise 100 basis point cut to the official cash interest rate. Having said that, the total expense of a refinance mortgage loan depends on all those factors - interest rate, number of points, and other costs. Lenders will charge several points in order to offer you the lowest rates. With these, the total cost can run between three and six percent of the total amount you borrow. So, for instance, you borrowed $100,000 on a refinance mortgage loan.
