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 …