Considering the recent Covid-19 outbreak around the world ... and the subsequent affect it will have the economy and people’s pockets, the South African Monitory Policy committee announced a further 1% or 100 basis points drop in the Prime Lending Rate on 19 March 2020.

South African Prime Lending Rate

This reduction takes the Prime Lending Rate to 8.75 % which means a significant reduction in your home loan repayment depending on the size of your outstanding bond. Roughly calculated an outstanding bond of R 1 500 000 will receive a +/- R 950 reduction in repayment.

Clients who can afford to keep their repayment unchanged would also safe a lot of interest doing so bringing down the term of your bond as well as the interest payable.

The following 2 graphs show the Prime Lending Rate movement over the last 12 months, 1st graph and then the movements since January 2000.

Steyn Realty - SA Prime Rate

Steyn Realty - Prime Lending Rate

For financial advice on your bond, repayments, interest etc, please contact your bank.

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Marnus & Juanita Steyn at your service …. 072 264 7806 / 083 604 1231