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Borrowers receive first interest rate cut in four years

Borrowers have been handed their first interest rate cut in just over four years, with the RBA slicing 0.25 per cent off the official cash rate.

Graphic showing house made of $100 notes on map of Australia.
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For the first time in four years, mortgage holders have been granted a reprieve by the Reserve Bank of Australia (RBA).

The official cash rate was cut by 0.25 per cent, to 4.10 per cent, when the RBA Board announced its decision on Tuesday (18 February).

Remarkably, more than half a million borrowers have never experienced a rate cut.

An owner-occupier with a $600,000 debt, and 25 years remaining could see their minimum monthly repayments drop…

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