Repo Rate Reduction: What you need to know

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. 1) Your credit agreements may become more affordable;
  2. 2) Banks will automatically reduce your interest rate;
  3. 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.
Click here to read the statement from the South African Reserve Bank.
image of south african flag and money