Just In: The RBA Cuts Cash Rate to 4.1%

The verdict from the Reserve Bank of Australia is in — and it’s a welcome announcement for prospective and current homeowners around Australia. For the first time in more than 4 years, the RBA has cut the cash rate, announcing a new rate of 4.1%.

With all the news of interest rate cuts, we’ve called on the expert team at Loan Gallery* to break down what they might mean for you. In short, they could mean:

• Lower mortgage repayments

• Increased borrowing capacity

• Benefits associated with refinancing

Head online and use one of Loan Gallery's handy calculators to see where you stand with borrowing capacity and mortgage repayments as of today.

What does a lower cash rate mean for new home buyers?

In short, a lower rate could see a boost in borrowing capacity and a decrease in monthly repayments — giving prospective buyers a much needed helping hand. 

Steve Matsoukas, owner of Loan Gallery, the exclusive finance partner for Simonds, also highlighted the significance of the change for first home buyers.

“We all know it’s been harder to buy a home, especially for first home buyers, with borrowing power dropping 30% since May 2022. 

“Today’s announcement can make a real difference. For example, depending on the composition of your household, an income between $90-95K could now afford one of Simonds’ 3-bedroom townhomes for $469,900 — helping more people take that first step into homeownership.”

So, what are the next steps now?

Whether you’re wanting to build your first home or you're looking to save money by refinancing, Loan Gallery’s team of experienced finance and mortgage brokers will help you to find the best solution for you Australia-wide. Enquire with them today to find out where you stand.

*Loan Gallery Finance Pty Ltd is independent of Simonds Homes and all advice is provided by Loan Gallery and not Simonds Homes. Any advice provided is general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs.

 Loan Gallery Finance Pty Ltd ABN: 33 163 825 670  Australian Credit Licence: 475302