Banks have said they will pass on Reserve Bank cuts of today. The cuts are irrelevant to everyone who currently has no lending with a bank. I have seen some commentary from the economic illiterate classes of stupid, stating that the Coronavirus panic is a GOOD thing as first home buyers now may be able to enter the housing market. NO NO NO NO NO I would go as far as saying any banker in New Zealand and Australia writing a home loan this week, in fact this year, to a first home buyer should go straight to jail. First home buyers are unlikely to have jobs in the state they know them to be by the end of the year. Repaying a mortgage will be the last thing they will be doing.