Time to take advantage of the coronavirus-inspired official rates cut.

This week’s coronavirus-inspired official rates cut will add further fuel the new home market and allow huge savings for new home owners.

“Buying a new house couldn’t come at a better time, with land prices staying the same on all Winten’s land estates at this current time, allows purchasers to buy and have repayments at a record low.” said Karl Rameau National Director of Residential Sales.

The RBA announced at its monthly board meeting Tuesday that the cash rate would drop another 25 basis points to a record low of 0.5 per cent due to coronavirus fears.

Westpac and Commonwealth Bank are the first big banks to announce it will slash variable interest rates by 0.25 percentage points for home loan customers.

Financial comparison website RateCity showed on a $300,000, 30-year loan the average variable rate will fall to 3.73 per cent and save the customer $42 a month, reducing their monthly repayments to just $1344.

While on a $500,000 mortgage it will provide savings of $70 per month and bring repayments down to $2240.

Westpac, NAB and the Commonwealth Bank have already passed on the rate cut in full, while many other banks have not yet announced what they plan to do.

REA Group director of economic research Cameron Kusher said despite the ongoing fallout from the coronavirus outbreak, it was surprising the RBA opted to cut interested rates.

“We all thought that the RBA would take a slowly-slowly approach to cutting the cash rate any further given they have already delivered three 25 basis point cuts over the past year,” he said.

Finder insights manager Graham Cooke agreed the move was surprising, but became inevitable after the ASX200 lost 10 per cent in value in the past week.

“That would be like if the average home lost $50,000 of value in a week,” he said.

So purchasing a property for investment or as your place of residence couldn’t come at a better time right now.