INTEREST RATE ANNOUNCEMENT
Category General News
All good things must come to an end.
After 15 months at 3,5 %, the lowest repo rate in our history, the Reserve Bank has decided to raise rates by 0,25%. This means our prime lending interest rate will increase from 7% to 7,25%.
What does this mean for homeowners who owe on their bonds? Well on a bond of R1 000 000 at prime over a 20-year term the monthly installment will increase by R150.
Not great news with the festive season upon us, but the rate is still remarkably low.
Author: Miltons Matsemela Inc.
