In the mortgage belt, rate cut offers little comfort for Albanese
Chai Sharma, a 39-year-old tech worker paying off a $1 million mortgage on his first home in Sydney’s north-west, welcomed some rate cut relief but won’t launch into a spending spree anytime soon.
Chai Sharma had grand plans to install solar panels, improve the deck and repaint the roof when he and his wife bought their home in Sydney just over two years ago. The cost of living crisis put that all on hold.
Tuesday’s decision by the Reserve Bank to cut interest rates for the first time since 2020 would provide some welcome relief for the couple, he said, but they’re not about to dust off their home improvement plans just yet.
