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Cash rate hold means home owners save

By Louise Morrin

You've no doubt heard about the record low cash rate in Australia. Since August last year, the rate has sat at 2.5 per cent, giving owners of property in St George something to smile about. 

Fortunately, the Reserve Bank of Australia (RBA) decided to leave it at 2.5 per cent for another month. 

What this means for buyers and investors is that they can still enjoy obtaining cheaper finance while the rate is low. 

Commenting on the effect cash rate reductions have, Loan Market director Mark De Martino said a low rate can help people save and pay off mortgages quickly. 

"A one percent drop can save someone on a $300k mortgage nearly $200 on their monthly repayment – that's a very significant saving. Without the RBA dropping rates, homeowners wouldn't be saving this money," Mr De Martino said in a 3 June release. 

And things are looking bright in the future, too. Mr De Martino said he expects the RBA will keep the interest rate on hold for another two months through to the end of August. This gives you plenty of time to find the perfect slice of real estate in St George. 

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