So the rumours were true.
Apple has unveiled the wallet-friendly iPhone SE at a special live event held at the company's headquarters in California.
A 'cheap' iPhone not only helps those of us who can't afford a £700 smartphone every year but it should also help Apple as it tries to forge new business in China and India.
Unveiled by Greg Jozwiak, the iPhone SE is being launched as the phone for first time users.
In case you're wondering, no your eyes aren't deceiving you the new iPhone does sport a design that's almost identical to the iPhone 5 and the iPhone 5s.
Unlike the Skittles-inspired iPhone 5c, the SE is a tad more traditional which should bode well for the perfectionist in all of us.
It had long been rumoured that Apple was going to unveil a 'cheap' iPhone as a means of not only replacing the 'fun' iPhone 5c but also as a way in to markets such as India and China.
There's nothing 'budget' about the iPhone SE
It features a powerful A9 processor that will allow it to run the latest apps and games while the iPhone SE comes with a choice of storage options including: 16 and 64GB
Apple has made sure that the iPhone SE can still take great photos as well, the phone comes with a 12MP sensor on the back and a HD FaceTime camera on the front.
That means it can shoot 4K and can even edit two 4K streams simultaneously.
Unsurprisingly Apple's smaller phone comes with its Touch ID fingerprint sensor and will support Apple Pay when it comes out as well.
How much is the iPhone SE?
Apple has actually kept the price point impressively low despite the all-aluminium design and high-specs.
The iPhone SE will cost as follows:
When is the iPhone SE being released?
Apple have given the iPhone SE a UK release date of 31 March but you can order it from the 24 March.