The Reserve Bank of Australia (RBA) recently cut the cash rate by 0.25%, prompting many lenders to reduce their variable interest rates, potentially lowering your repayments.
The Moneysmart mortgage calculator can help you see how this change affects your payments and assist with planning.
If you're benefiting from the rate cut, consider using the extra cash to pay down credit card or buy now pay later debt, start a savings habit, or even keep paying the higher rate to pay off your mortgage faster. Every dollar counts, so plan how you can make the most of this extra money.
Read more