A household with a $750,000 loan will see their monthly repayments reduce by $115 if their bank adjusts its mortgage rate accordingly
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The Reserve Bank has cut the cash rate to 4.1% with a quarter-point reduction, offering a reprieve to indebted households buffeted by years of high living costs and elevated mortgage repayments.
The decrease is the first since the early days of the Covid-19 pandemic, and has arrived just in time for the Labor government to campaign on its economic credentials before an election to be fought on cost-of-living policies.
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