PHOTO: Here’s how to up the chances of getting a home loan. (Photo: Getty)

If you already own property, last week’s Reserve Bank of Australia rate cut will be welcome news.

But the lower interest rate is also good news for home buyer hopefuls who are hoping to get a foot in the property market.

And with lending requirements set to loosen, obtaining a mortgage should come easier, according to

“There have been some positive signs for potential mortgage holders coming about, especially as we begin to see housing prices fall and interest rates cut,” said banking and financial expert Rod Attrill.

“However, consumers need to be aware of what they will need beyond a deposit, in order to obtain a mortgage right now.”