The Reserve Bank has decided to reduce its interest rate by 0.25 percentage points, lowering it from 3.85% to 3.60%.
This marks the third interest rate cut this year, expected to provide significant financial relief to millions of Australians with loans. Reports indicate that if lenders pass on the full rate cut, individuals with a $600,000 loan could see their minimum monthly repayments drop by around $89.
According to Canstar, when combining all three rate cuts made in February, May, and August this year, those with a $600,000 loan could save a total of $272 per month.
