NOVEMBER INTEREST RATE INCREASE
This afternoon, the Reserve Bank announced yet a further increase in the lending rate by 75 basis points. This means that the repo rate (the rate at which the Reserve Bank lends money to commercial banks) will increase from 6.25% to 7%, which in turn pushes the prime rate (the basic rate at which commercial banks provides financing to borrowers) up from 9.75% to 10.5%.
For one's personal finances, the higher interest rates translate to higher debt repayments, whether in respect of a mortgage, vehicle financing, student loan or other debt.
25 Nov 2022
Author STBB
WANT MORE FROM
WELCEDACHT PROPERTIES?
WELCEDACHT PROPERTIES?
GET IN TOUCH
info@welgedachtproperties.co.za |
021 913 4597
021 913 4597