OPINION: RBA rate cut perfect timing for house hunt
I AM on the hunt for my first home - so yesterday's rate cut to a new record low couldn't have come at a better time.
The Reserve Bank dropped the interest rates to a record low of 1.75 per cent on Tuesday, the first cut in a year.
The better news for home owners is most economists are predicting a second cut before the end of the year.
While some may hold off on buying in tough economic times - my partner and I have got our deposit together and we're waiting for the right property to come our way.
While the market has hit a slump, the property rollercoaster will come back to a high and property prices will climb - they always do.
RELATED: RBA drops rates down to 1.75%
NAB said customers with a $300,000 mortgage would save $47 a month as of May 13.
ANZ said alongside the cut in variable mortgage rates, it would cut two-year fixed mortgage rates for owner-occupeiers to 3.75 per cent, and rates on four-month term deposits would increase from 2 per cent to 3 per cent.
It may not seem like much, but $47 a month off the mortgage equates to $564 a year, and with the cost of living on the rise, every little bit counts.
For me that is almost a year's gym membership right there!
Amongst all the doom and gloom, I am soon to be a home owner and this is certainly an incentive for me.
Are you a property owner or on the hunt for your first home? What will the interest rate cuts mean for you?
Join the discussion and tell us below.