The South African Reserve Bank’s (SARB’s) monetary policy committee (MPC) meets every second month to announce changes – if any – to the country’s repo and prime lending rates.
For the latest finance news, bookmark The South African website’s dedicated section for free-to-read content
The meetings take place in January, March, May, July, September and November – and always on a Thursday at 15:00.
Currently, the committee comprises of six people, with Lesetja Kganyago the governor of the SARB.
LATEST
Following the latest meeting in November, the repo rate dropped to 7.75% while the prime lending rate now stands at 11.25%.
The news came as an early Christmas present for those homeowners with monthly bond repayment commitments – and good news for those looking to enter the property market for the first time.
Homeowners will be eagerly expecting more cuts in 2025.
But which dates in your calendar should you circle for hopefully more good news?
| Meeting month | Date |
| January | 30 January |
| March | 20 March |
| May | 29 May |
| July | 31 July |
| September | 18 September |
| November | 20 November |
Monthly bond repayment table
The South African website’s table below compares the now old monthly bond repayments on various bond values over a 20-year period assuming no deposit and repayments at prime, to the new cost after the most recent 25 basis point cut – and the monthly saving that entails:
| Bond | Old (11.5%) | New (11.25%) | Saving |
| R750 000 | R7 998 | R7 869 | R129 |
| R800 000 | R8 531 | R8 394 | R137 |
| R850 000 | R9 065 | R8 919 | R146 |
| R900 000 | R9 598 | R9 443 | R155 |
| R950 000 | R10 131 | R9 968 | R163 |
| R1 000 000 | R10 664 | R10 493 | R171 |
| R1 458 924 | R15 558 | R15 308 | R250 |
| R1 500 000 | R15 996 | R15 739 | R257 |
| R2 000 000 | R21 329 | R20 985 | R344 |
| R2 500 000 | R26 661 | R26 231 | R430 |
| R3 000 000 | R31 993 | R31 478 | R515 |
| R3 500 000 | R37 325 | R36 724 | R601 |
| R4 000 000 | R42 657 | R41 970 | R687 |
| R4 500 000 | R47 989 | R47 217 | R772 |
| R5 000 000 | R53 321 | R52 463 | R858 |
To rent or buy (and pay off a bond): What do YOU do?
Let us know by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to 060 011 021 1
Subscribe to The South African website’s newsletters and follow us on @TheSAnews on X and The South African on Facebook for the latest news.
