REMINDER: The next interest rate announcement is THIS WEEK
The next interest rate announcement is scheduled for Thursday, 21 September with South Africans no doubt nervous at its outcome.
The next interest rate announcement is scheduled for Thursday, 21 September at 15:00 with South Africans no doubt nervous at its outcome.
NOTE: This is an updated version of a previous article following confirmation of the next announcement date
As a reminder, the South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) voted to keep the interest rate on hold at the most recent decision taken on 20 July.
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That announcement came as relief to South Africans, particularly those with home mortgages.
As a reminder, the country’s repurchase rate stands at 8.25% while the current prime lending rate is 11.75%.
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Since the most recent announcement, the rand has weakened significantly and petrol and diesel prices skyrocketed in early September and are on track to rise further in early October, as reported by The South African website.
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MONTHLY BOND REPAYMENTS AT THE CURRENT INTEREST RATE
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 |