The second-generation iPad Mini and a lower-cost iPhone are two much rumored Apple products and it seems both may arrive as soon as August.

Apple is a huge company with an impressive fan base and people are always expecting new and exciting things from the Cupertino giant. Apple products, however, are not quite cheap and they're certainly not affordable for just anybody, but all that could change with a low-cost iPhone Mini.

Apple may be considering larger, 4.7-inch and 5.7-inch iPhones, as we reported a few days ago, but that's not going to happen this year. The cheaper iPhone, meanwhile, is a different story. As it turns out, Apple may unleash the cheap iPhone and an iPad Mini 2 in August, along with a successor to the current iPhone 5 flagship. That successor may be called either the iPhone 5S or the iPhone 6.

According to DigiTimes' upstream supply sources, Pegatron will manufacture the lower-cost iPhone and plans to start shipping the handset in August. This cheap iPhone is expected to sport plastic casing to allow for a more affordable price tag of around $99 on contract. Other specs such as screen size, resolution or internal storage capacity remain unknown at this time.

Moreover, Pegatron reportedly handles orders for the Cupertino giant's second-generation iPad Mini as well, and that slate may ship in the same August timeframe. The current iPad Mini features a 7.9-unch screen with a resolution of 1024 x 768 pixels, but the next generation is expected to boost that resolution to 2048 x 1536, on the same 7.9-inch screen size.

Considering the rumored timeframe, it's only natural to assume that both the lower-cost iPhone and the second-generation iPad Mini will rock the latest iOS 7, which marks a major upgrade from iOS 6 both in terms of appearance and features.

The next-generation full-size, 9.7-inch iPad, meanwhile, may not see the light of day this year, but may arrive in 2014. The iPad successor may not land on Pegatron, however, as notorious Apple partner Foxonn is expected to handle the manufacturing.

For the time being Apple did not announce nor confirm anything, which means this is all just a rumor for now. The iPad Mini 2 and the much-rumored low-cost iPhone may arrive in August, but nothing is set in stone. Take things with a grain of salt until Apple makes it official.