Christies Beach 
The Reserve Bank of Australia has just announced a second interest rate cut for the year, dropping the cash rate from 4.10% to 3.85%.
For homeowners, this means potential savings—around $100 less per month on an average $660,000 mortgage, and about $153 per month on a $1 million loan. While it may not seem like a huge drop, every bit helps when managing a mortgage.
So, what does this mean if you’re thinking about buying or selling property?
For Buyers
- Lower repayments can improve borrowing capacity and make home loans more affordable.
- Increased buyer interest could push property prices up, so acting sooner may be beneficial.
For Sellers
- Lower interest rates tend to boost buyer activity, which can lead to quicker sales or even better sale prices.
- With more people motivated to enter the market, it’s a good time to list your property.
Things to Consider
- The RBA remains cautious about the economy, so rates could still fluctuate.
- While lower rates reduce mortgage stress, rising property prices may make it harder for some buyers to enter the market.
In short, this rate cut offers more breathing room for homeowners and opens the door wider for those looking to make a move in real estate.
Got questions about how this affects your buying or selling plans? Our team is here to help. Give us a call 08 8382 3773. Read the full article here.
