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BREAKING NEWS: Interest Rates Kept Unchanged by SA Reserve Bank - Prime Rate Remains 11.75%

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BREAKING NEWS: Interest Rates Kept Unchanged by SA Reserve Bank - Prime Rate Remains 11.75%

The South African Reserve Bank's (SARB) Monetary Policy Committee (MPC) on Thursday, 21 September voted to keep interest rates on hold.

The announcement will have come as some relief to South Africans, particularly those with home mortgages.

The country's repurchase rate will remain at 8.25% while the current prime lending rate stays at 11.75%.

The vote was not unanimous with three of the five members voting to keep the rates on hold, while the two others preferred a 25 basis point hike.

REMINDER OF MONTHLY BOND REPAYMENTS

The table below shows the current monthly bond repayments on various bond values assuming no deposit and that repayments are at prime (11.75%):

Bond value (20 years) Monthly cost
R750 000 R8 128
R800 000 R8 670
R850 000 R9 212
R900 000 R9 753
R950 000 R10 295
R1 000 000 R10 837
R1 500 000 R16 256
R2 000 000 R21 674
R2 500 000 R27 093
R3 000 000 R32 511
R3 500 000 R37 930
R4 000 000 R43 348
R4 500 000 R48 767
R5 000 000 R54 185
Author The South African
Published 21 Sep 2023 / Views -
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