Reserve Bank of Australia’s decision widely anticipated by experts – although some believe cut was overdue
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The Reserve Bank has cut the cash rate by a quarter of a percentage point to 3.6% in a widely anticipated move expected to deliver relief to borrowers.
Once lenders pass on the relief to their borrowers, the third rate cut of the year will deliver somebody with a $500,000 mortgage a further $74 off their monthly interest payments, according to Canstar, bringing the total drop to $272.