First time buyers close to buying their own home and mortgage holders are said to be the biggest winners from the Reserve Bank’s recent decision to cut the cash rate to a record low of 1.75 per cent.

This reduction will make the cost of borrowing more affordable than ever for first home buyers close to making a decision. However, first home buyers still in the process of saving a deposit may not welcome the lower saving rates.

Home owners on a variable rate mortgage can expect a reduction in their monthly mortgage repayments.

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