After the five aggressive repo rate cuts last year that dropped the prime lending rate to a historic low of 7%, homeowners and aspirant buyers have been holding their breath, waiting for the pendulum to swing the other way in 2021.

With South Africa’s inflation rate below the lower limit of the inflation target at 2.9%, and local inflationary expectations remaining well-anchored, it was expected that the Monetary Policy Committee would keep the repo rate unchanged, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

South African home buyers can look forward to a few more months of record-low interest rates as the Monetary Policy Committee has once again opted to hold the repo rate steady at 3.5%.

Thursday, 25 March 2021 19:29

Repo rate unchanged at 3.5%

The Monetary Policy Committee has decided against altering the repo rate, deciding to keep it unchanged at 3.5% per annum, said Reserve Bank Governor Lesetja Kganyago.

The South African Reserve Bank (SARB) is set to hold the repo rate at the 23-25 March meeting, according to a unanimous vote by 25 economists on Finder’s repo rate forecast report.  

Over the past three years, the KwaZulu Natal (KZN) property market has enjoyed unparalleled growth, outperforming other provinces as an investment destination. And yet, it is still considered one of the best kept secrets in the country!

If the past year has taught us anything, it is how important our homes have become to us.

The South African Reserve Bank has just announced that it is holding the repo rate steady, as South Africa battles the second wave of the COVID-19.

While a further reduction to the interest rate would have been a bonus for aspirant first-time home buyers and existing homeowners with mortgages, the Monetary Policy Committee’s decision to leave the repo rate unchanged at 3.5% was anticipated by the majority of market commentators, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

Thursday, 21 January 2021 16:25

Repo rate remains unchanged at 3.5%

The Monetary Policy Committee has decided to keep the repo rate unchanged at 3.5% per annum, Reserve Bank Governor, Lesetja Kganyago, has announced.

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