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Relief for borrowers as RBA hands down second rate cut
The Reserve Bank of Australia has cut interest rates by a quarter of a percentage point in a widely-anticipated decision, flagging concerns over global economic uncertainty. Following the central bank’s first 25 basis point cut in February, the move brings the official cash rate down to 3.85 per cent. It’s the first time the key interest rate has had a three in front of it in two years. All four big four banks immediately announced they were passing on the cut in full to variable rate mortgage holders. Borrowers with a median mortgage of $600,000 can expect to pa
