Finder’s RBA Survey: Borrowers rejoice, savers suffer – Who’s the real winner from lower interest rates?

While many celebrated the Reserve Bank's interest rate cuts, not everyone is better off, with millions claiming their financial situation has worsened.

In this month's Finder RBA Cash Rate Survey™, 32 experts and economists weighed in on future cash rate moves and other issues relating to the state of the economy.

For the first time this year, all panellists are in agreement that the RBA will hold the cash rate in September, keeping it at 3.60%.

An overwhelming 4 in 5 experts who weighed in* (79%, 22/28) believe the RBA was right to cut the cash rate last month.

However, more than 1 in 10 (11%, 3/28) think they should have cut harder, delivering a supersized 50 basis point cut.

The same amount (11%, 3/28) believe the RBA was wrong in their decision to cut, and should have held or raised the cash rate at the August meeting.

Graham Cooke, head of consumer research at Finder, said the RBA has to balance an ongoing tightrope between controlling inflation and supporting economic growth.

"Monthly inflation just hit the top of the RBA's 2-3% range, so the forthcoming quarterly figures will determine if borrowers see some more relief before Christmas.

"The chance of a cut tomorrow is miniscule, but borrowers can still find ways to save.

"Look at what competing banks are offering and leverage this in your negotiation with your lender. If they don't budge, it might be time to switch," Cooke said.

Peter Boehm from Pathfinder Consulting said he actually thinks the RBA was hasty in its last meeting.

"With inflation ticking up it would seem the RBA's last rate cut was premature.

"It seems highly unlikely to me that the RBA would risk a further rate cut when the direction of inflation is upwards, fuelled by high levels of government spending and expensive power due to significantly high domestic and commercial power prices," Boehm said.

Rate cuts have made things worse for 1 in 5 Australians

Almost 1 in 5 (19%) Aussies say the last 3 rate cuts have actually worsened their financial situation, according to Finder research.

That's a whopping 4.1 million people who don't think they've benefited from the rate cuts.

A further 3 in 5 (61%) say the rate easing has had no major impact to them at all.

The remaining 20% – 4.3 million people – say interest rate reductions have improved their financial situation.

Borrowers celebrated these cuts, citing reduced mortgage repayments, increased borrowing capacity, and the ability to pay off their mortgage quicker.

Savers say their nest eggs are worse off due to lower interest rates.

Noel Whittaker from QUT said inflation is not yet under control, and the government's initiative to ease the conditions on the first home buyer mortgage insurance scheme is going to cause another surge in prices.

"We don't need to add increased rates to this heady mix," Whittaker said.

Cooke said not everyone sees a rate cut as a win.

"While recent rate cuts have been a welcome relief for many Australian homeowners facing financial pressure and rising costs, not everyone's cheering.

"Those with savings – especially those on fixed income or those saving for a deposit – have seen returns take a hit, with smaller interest payouts each month."

Cooke said while borrowers are hoping for more rate cuts to ease their repayments, savers are watching their returns shrink with each cut.

"Savers are left with a difficult choice of whether they choose to accept lower returns or risk their money on more volatile investments.

"Now is a great time to shop around for a better bank. Some savings accounts are still offering rates as high as 5%, and several major banks are currently giving cashback to new customers."

*Experts are not required to answer every question in this survey

How have the three cash rate cuts in the last 6 months affected you?

They have worsened my financial situation	19%
They have improved my financial situation	20%
They have not had any effect	61%
Source: Finder survey of 1,004 respondents, September 2025

Why have the cash rate cuts affected you negatively or positively?

Lowered my savings rate	40%
Reduced my mortgage repayments	33%
Increased my borrowing capacity for a home loan	16%
I'm able to pay off my mortgage quicker	14%
Other	2%
None of the above	16.00%
Source: Finder survey of 1,004 respondents, 393 of whom said the rate cuts had an impact on their financial situation September 2025