The South African Reserve Bank announced on Thursday that the repo rate will be cut a further 25 basis points. This reduces the repo rate to 7.50% and the prime lending rate to 11.0%. This is the third interest rate cut in less than six months and more rate cuts are expected during the first half of 2025.
But what impact does this have on your pocket?
Based on a 20-year repayment period at the prime rate, monthly mortgage repayments will reduce as follows:
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