Today’s Repo Rate reduction means that the new Prime Lending Rate is now 7,75%pa.
Here are three things you need to know about a Repo Rate reduction:
- 1) Your credit agreements may become more affordable;
- 2) Banks will automatically reduce your interest rate;
- 3) If you’re under debt review, bear in mind that your rates are already restructured or adjusted dramatically on unsecured debt with a court order. Further rate reductions are at the discretion of the banks and usually only apply to Home Loans and Vehicle or Asset Finance credit agreements.