Mortgage holders are expected to receive more relief as the Reserve Bank of Australia (RBA) prepares its latest interest rate decision.
Westpac, Commonwealth Bank, and NAB predict a July rate cut, while ANZ anticipates a cut in August.
If the RBA cuts rates tomorrow, the cash rate could drop by 25 basis points to 3.60%.
A rate cut would ease pressure on homeowners facing rising repayment costs.
According to Money.com.au, a 0.25% cut could save a $600,000 mortgage holder an extra $90 a month.
Total monthly savings since the start of the rate cuts would rise to $273 for a $600,000 loan.
Borrowers with $700,000, $800,000, and $1 million loans would save $106, $120, and $150 respectively.
These estimates assume a 6.24% home loan rate and a 25-year term.
Mortgage expert Debbie Hays says a third rate cut could finally bring meaningful budget relief.
Hays noted many homeowners are now waiting to see if their lenders will pass on the full cut.
The rate cut coinciding with tax return season offers timely financial relief.
For first-home buyers, a third cut could boost borrowing power by up to $50,000.
However, increased borrowing power may also drive up property prices and buyer competition.
