REMINDER: When is the next interest rate announcement?
The next rate announcement is scheduled for Thursday, 24 September with South Africans no doubt nervous at its outcome.
The next interest rate announcement is scheduled for Thursday, 24 September with South Africans no doubt nervous at its outcome.
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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 decison taken on Thursday, 20 July.
That announcement came as relief to South Africans, particularly those with home mortgages.
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The country’s repurchase rate remained at 8.25% while the current prime lending rate stands at 11.75%.
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Since then, the rand has weakened significantly and petrol and diesel prices are due to skyrocket in early September.
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A REMINDER OF 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 |