The Reserve Bank lowered interest rates by 0.25 percentage points today to 3.6%, following a surprising pause in July.

For an average owner-occupier with a $750,000 mortgage (as of February), this cut could reduce minimum monthly repayments by $111—bringing the total reduction for the year to $340, assuming banks pass on the savings, according to Canstar.

Next up: the RBA's next interest rate decision is scheduled for September 30, with two additional meetings remaining this year in November and December.

We’ll keep you posted.

Rick Maggi, CFP, Financial Advisor Perth