Welcome to our July update. This month we have latest updates on interest rates, the property market and a warning to any clients with a Latitude/28 Degrees card.

Interest Rate Update

The RBA announced the second rate reduction for 2025 in May, with a 0.25% drop bringing the cash rate down from 4.10% to 3.85%. All the major lenders have passed on this reduction to their customers in late May or early June. There is generally a 1–2-month lag on updates to minimum repayments, and each lender has a different process to update these.

This rate decrease means an estimated savings of $80 per month for households with a $500k loan.

The next RBA meeting is scheduled for Tuesday next week (July 8) and the ASX has priced in a 100% chance of a rate cut as of July 2nd – happy days. Link

Property Prices

The monthly update from Cotality (formally CoreLogic) shows the forth straight month of growth for Melbourne property, with prices up 1.2% in the three months to June 2025. This is showing the positive influence of the recent interest rate cuts on the property market.

Source: Cotality

Latitude/28 Degrees card Issues

We’ve recently had clients experience issues with 28 Degrees and Latitude credit cards, particularly when closing them. In several cases, clients believed their cards were paid off and cancelled, but the accounts remained open and incurred new monthly fees which went unpaid—ultimately affecting their credit scores and in some extreme cases clients were put into default.

If you have one of these cards and are planning to cancel it, or have recently done so, get in touch. We can run a credit report to help you confirm everything’s been properly finalised and no impact on your credit score.