While you could sit back and hope your current lender passes on the latest rate cut in full, taking charge and seeking out a better deal instead could see you shave thousands off your annual home loan repayments.
A strong rebound in Sydney and Melbourne housing values wasn't enough to stave off a rate cut today, with the RBA slashing interest rates to a new record low.
The RBA held interest rates at its September meeting today, and the resurgence in Sydney and Melbourne housing values was likely a key topic of conversation.
The RBA's decision to hold the cash rate at a record low of 1% was widely expected, after the rate was slashed by a total of 50 basis points in two months.
If your home loan lender passed on either of the recent cash rate cuts, you might be excited about paying less each month. But before you start spending, ask yourself what is worth more: the extra cash or $40,000.
You'll now receive new articles and insights that will help you earn more, save more and make the most of your investments.
You can expect to hear from us every week.
In the meantime, stay up to date by following Money on social media.
Important
To ensure you receive emails from us, we recommend that you add our email address (@moneymag.com.au) to your contacts or safe senders list.
If you don't receive our newsletters, please check your "Junk" folders. Your email provider should give you an option to add the email to your safe list.