BREAKING: SARB votes to keep interest rates on hold
The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) voted to keep interest rates on hold on Thursday, 21 September.
The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) voted to keep interest rates on hold at the most recent decision taken on Thursday, 21 September.
That announcement came as 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.
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The next SARB announcement will take place on Thursday, 23 November 2023 at 15:00.
A 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|