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Ahead of the interest rate decision on March 20, 2025, the spotlight is on the significant relationship between interest rates and home loans.
The South Gauteng High Court in Johannesburg ordered a woman to vacate her former home after years of resistance.
Richard Gray, CEO of Harcourts South Africa, said a recovering economy often stimulates property demand, making it an ideal environment for both buyers and sellers.
Roets said that Bloomberg Economics suggests we may see a 50-basis-point reduction by March.
The Reserve Bank has decided to cut the interest rate by 25 basis points, so how can savvy consumers use this to pay off their home loans quickly?
The South African Reserve Bank's recent interest rate cut has sparked debate among industry leaders about its timing and effectiveness in alleviating financial pressures on households.
Local banks thrive on high interest rates, but the burden falls on the poor, highlighting the urgent need for reform in monetary policy.
Kganyago said the central bank is cutting the repo rate by 25 basis points (BPS), meaning rates will come down by 0. 25%.
Expectations ahead of the announcement pointed to no relief for financially constrained consumers.
An interest rate cut by the Reserve Bank on Thursday looks very likely but how will this impact your bond payments?
Els said this was an economy that was running at a very low inflationary pace, thus suggesting that the SARB should cut rates by 50 basis points.
New vehicle sales in South Africa continued their downward trend in September, with total sales of 44 081 units, slightly down from the same period last year.
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The bank also noted that general improvement in its forecasts over the review period brought forward the point at which headline inflation was expected to reach the target midpoint and, assuming no new shocks, remain around that level.
Proactive Solutioning assists clients who have been overcharged to analyse their statements
South African homeowners can expect to save money on their monthly home loan repayments after the interest rate cut.
Many economists predict a cut of 25 basis points will be announced by SARB governor Lesetja Kganyago on Thursday.
The repo rate is currently at a 14-year high of 8. 25% and the prime lending rate is at 11. 75%.
Ithala SOC Limited CEO, Dr Thulani Vilakazi, said the bank remains open and operational and will continue to service existing clients.
Governor Andrew Bailey emphasised the significance of the reduction but cautioned against expecting a rapid decline in rates soon.
Innumerable working citizens who simply cannot afford formal dwellings such as houses, flats, townhouses, and communal or backyard rooms, are forced to live in informal dwellings such as shacks, sheds and other makeshift structures
‘As a homeowner, important decisions related to your home are dictated by you – not the bank,’ said a property expert.
This means that the prime lending rate in the country will remain at 11. 75%.