Residents and visitors to Dubbo surveyed by the Daily Liberal revealed varying levels of distress from seven years of rises.

The likelihood of the Reserve Bank cutting the official rate by 0.25 per cent today was met with measured applause after six months of climbing mortgage repayments.

Since January the major banks have lifted rates by 0.55 of a percentage point.

Shearing contractor and dual home owner Wayne Lunn, of Dubbo and Carinda, says he’s “coping pretty well” with mortgage repayments that have jumped hundreds of dollars because of persistent rate rises.

“I manage it, but I don’t like it,” he said.”

“It (a cut) would make a difference to me. When I borrowed the money I thought it would stay where it was, but it didn’t.”

Shopping in Macquarie Street, Anglican clergy Ron and Crystal Spindler of Broken Hill agreed that an interest rate cut would be a turn for the better.

“It’s got to make a difference because it gives you more money for food and essentials,” Reverend Ron Spindler said.

He and his wife have become frequent visitors of their bank, making sure that they continue to make a dent in their mortgage “so we do get to pay it off eventually”.

“You’ve just got to keep plugging away. I mean a lot of people … sell up and try to get out of their commitments, but in the long run I don’t think that helps anyone,” Reverend Crystal Spindler said.

The couple will be “praying” that financial market predictions of today’s cut prove correct.

Meanwhile, Barbara and Jason Poulson of Narromine are counting their lucky stars that they “locked in” their interest rate four years ago.

It will be several years before they must renegotiate, providing relief from the ups and downs of mortgage repayments.

But the couple feels for others struggling to make ends meet.

“It affects a lot of other people -it’s terrible,” Mr Poulson said.

On Sunday Wizard Home Loans became the first lender to cut its variable interest rate in seven years.

The Federal Government wants the banks to follow the Reserve Bank’s lead.

Prominent economists are suggesting that interest rate cuts could continue for two years.

kim.bartley@ruralpress