Interest rates down by 0.25

As was widely predicted, the Reserve Bank this week cut the official cash rate by 0.25 of a percentage point, taking it to 3.85 per cent. This is the second cut this year, and will provide considerable relief to many home loan borrowers.

The last time the cash rate was this low was in May 2023. With all four major banks announcing they will pass on the change, borrowers with a mortgage of around $600,000 could expect to pay $90-$100 less each month.