May 19, 2022

BAD NEWS FOR BORROWERS: Debt costs rise as SA Reserve Bank hikes interest rate by 50 basis points…

The increase, the largest since 2016, takes the repo rate to 4.75% and the prime lending rate to 8.25%.  To put that in perspective, if you had a R2-million home loan at the prime lending rate taken over 20 years with no deposit, your monthly instalment just went up by R623 – while your total interest payable over the term of the loan increased by R150,000.  Taking journalists through the rationale behind his decision, SA Reserve Bank…

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