Reserve Bank Hiked Interest Rates By 0.25% - Home Loan Prime Rate Now 10.75%

Prime lending rate is now 10.75%

As was predicted by economists, academics and analysts, the SARB has announced a 0.25% interest rate increase. This comes amid high inflationary conditions in South Africa and interest rate hikes are key to containing inflation.

How does it impact a R1 000 000 home loan over a 20-year term at 10.75%?

The new instalment amounts to +/-R10 152.29 p/m. An increase of +/- R168.49 p/m compared to the instalment calculated at 10.50%, the rate announced in November 2022.