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After a long wait, the cash rate has moved for the first time in almost three years. Following months of speculation, the Reserve Bank of Australia cut the rate by 0.25%, now sitting at a historical low of 1.25%. This is a great thing for Aussies, the housing market and the current guarded approach to credit.  

Over the last year, since the start of the Royal Banking Commission, homeowners and borrowers have watched banks and lenders tighten their lending policies, increase interest rates out of cycle, and without warning, and all while the housing market declines at the fastest rate in a decade.

## See how much you could save with a lower rate

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## Aussies could save $600, or more, a year 
This rate cut will have a significant impact on consumers wallets. The 0.25% drop, if applied directly and in full, could save the average Australian with an average size mortgage ($380K) $600 a year. This saving could cover other expenses such as utilities, health insurance or car insurance costs and give consumers one less thing to worry about. 

## Banks and lenders are already cutting rates
Following the June 4 announcement, a number of banks and lenders have already started reducing their home loan interest rates. Since the last interest rate cut, 43 lenders have made out of cycle increases over that nearly three year period impacting 47% of all home loan customers. 

If your lender has not passed down this cut, it’s worth reviewing your options to see if there are loans available that better suit your needs and help put you in a financially stronger position. 

## Don’t miss out on savings
If you are planning to refinance or buy a property, it pays to be prepared. Make sure your home loan application details are up to date so you can be ready to go as lenders [dropping their rates](https://www.lendi.com.au/home-loans/search/).

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## Background: What is the RBA cash rate update?
On the first Tuesday of every month (except in January), the Reserve Bank of Australia (RBA) sets the cash rate. They decide whether to raise it, lower it or leave it the same, depending on a number of factors, including the performance of the Australian dollar, the state of the housing market and inflation. 

The last time the cash rate rose was in November 2010. Since then, the general trend has been for the rate to remain the same, decreasing only every so often. Prior to June 4 2019, The last decrease was in August 2016.

## __Got a home loan question?__
We're here to help. Get free expert advice at a time that suits you. Choose a time to chat with a [Home Loan Specialist here](https://www.lendi.com.au/book-appointment/). 

*repayment rate based on a $380,000, P&I loan over a 20-year term decreasing from 4.25%/4.25% to 4.00%/4.00%.

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