A July mortgage rate cut is “in the bag,” according to financial comparison experts.

Almost 88 percent (30 out of 34) of specialists and economists participating in Finder’s RBA Cash Rate survey predict that the Reserve Bank will lower the cash rate in July to 3.60 percent.

If the banks pass the rate cut, it would save Aussies with a $500k mortgage around $1613 per year.

Australians with a mortgage of $1 million will save an average of $269 per month, or $3226 per year. 

Head of Consumer Research at Finder Graham Cooke said another rate cut would give mortgage holders a much-needed confidence boost.

“We’ve seen two cash rate cuts already, but homeowners are chomping at the bit for more,” he said.

“As inflation continues to decline, it’s expected that the RBA will make a rate cut, and banks will face significant public pressure to implement the full rate reduction again in July.”

Matthew Peter from investment firm QIC said “a July cut is in the bag”.

“Underlying inflation is within the RBA’s target band and falling, consumer spending is disappointing and the market is expecting a rate cut.

“No reasons for the RBA to wait,” Peter said.

The majority of experts who spoke to Finder also said they are predicting another rate cut in August.

Just over half of the experts polled also predicted a rate cut in November.

The information on this website is intended to be general and does not provide personal financial advice. It has been prepared without considering your individual goals, financial situation, or needs. Before using any information from this website, you should evaluate its relevance based on your own objectives, financial circumstances, and requirements.