Recently, the Reserve Bank of Australia (RBA) cut the cash rate for the first time in around 5 years, meaning that the big four banks in Australia are reportedly to follow suit and lower their interest rates by 0.25 per cent, a full cut for mortgage holders on a variable rate.

What does this mean for homeowners? Let’s say you have a $600,000 loan. The 0.25% cut will mean a $92 reduction on the minimum monthly repayments.

Further, it is being reported that more rate cuts could be on the cards in the future, which will no doubt come as welcome news to mortgage holders all over Australia.

Of course, South Australia is experiencing a high demand for housing, both established and new, meaning that demand for skilled workers is at an all-time high. The news about the interest rate cuts makes it that little bit more affordable for skilled workers to live and work in Adelaide and its surrounds.

NOTE: The information above is correct at the time of publication and general in nature. It is not intended as financial advice.