INTEREST RATE ANNOUNCEMENT
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.
30 Nov 2021
Author Miltons Matsemela Inc.
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