Interest Rates cut to 11%

Home Loan Interest Rate News: Interest Rates cut to 11% The South African Reserve Bank (SARB) governor, Tito Mboweni, today announced a 1% drop in the repo rate from 8.5% to 7.5%. This is the fifth successive rate cut since Jun 08. The prime interest rate now drops to 11%. We last experienced interest rates of this low in June 2006. How does this affect your monthly bond repayment? For a bond of R1mil over 20yrs, the saving amounts to …

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FNB ONE ACCOUNT

Home Loans: FNB One Account The FNB one account was one of the first Home Loan products of its kind available in South Africa. The FNB One Account consolidates multiple accounts into one single account. The One Account is not only a Home Loan / Mortgage Account but it is also your cheque account, overdraft and/or personal loan. The benefit is that you are charged a single interest rate on all your loan accounts. The rates is much lower than …

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Standard Bank hike home loan fees by over 500%

Home Loan News: Standard Bank, Fees While interest rate cuts have helped to free up some extra cash for many Mortgage Bond holders, Standard Bank have used this opportunity to get their hands on some it. The bank recently announced that the administration fees of many of its home loan clients will be hiked, starting 1 June 2009. It’s well known that Standard Bank have been struggling following the economic downturn, and this recent admin fee increase may help to …

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Rates are down, but mortgage defaults keep rising. Why?

We have turned back the clock on interest rates in South Africa. The last time rates were this low was October 2006, yet the number of stressed mortgage bond holders continues to rise. Auction Alliance, SA’s largest auction house, defines a stressed homeowner as someone who is at least two months in arrears on bond repayments. According to Alliance Group CEO Rael Levitt, thousands are still struggling to pay their Home Loans. And the rate of defaults is increasing. The …

Read moreRates are down, but mortgage defaults keep rising. Why?