How the change to interest rates affects you

Yesterday afternoon, the Reserve Bank of Australia announced it is lowering the cash rate for the first time since 2020.The cash rate was 4.35%, but it is now 4.1%.It’s big news for Aussies, particularly those with a mortgage or who are wanting to apply for a home loan for the first time, and it’s also big news for the Labor Government - with this likely now impacting when we will go to an election.If you’re confused about any of that, you’ve come to the right place. We’re here to discuss what a cash rate actually is, and how it will affect you whether you have a mortgage or not.

Hosts: Billi FitzSimons and Sam Koslowski

Producers: Elliot Lawry