We have some really good news!

The repo rate (rate at which the Reserve Bank lends money to the retail banks) has today (14 April 2020) been reduced by a further 1%. As such the repo rate will now be 4.25% and the prime lending rate, will be 7.75%.  This reduction is in addition to the 1% reduction we saw on 16 March!

How will this affect your pocket? On a home loan of R2 000 000, repayable at a prime interest rate of 8.75% over 20 years, your payment would have been R17 674.21. It will now be R16 418.97, signifying a reduction of R1 255,24 pm.

But that’s not the only good news we have.

Firstly, and unlike so many other firms, we are still operational which means we are opening files; taking deposits on new transactions; attending to enquiries and even arranging bridging finance! To ensure safe receipt of deposits, the overseeing conveyancer will make contact with the purchaser/s to ensure that funds are safely received, and invested.

Secondly, we have decided that should lockdown indeed come to an end on Thursday 30 April 2020, our doors will be open on Friday 1 May, Saturday 2 May and Sunday 3 May 2020, in order to see clients, whether at the office, or at their homes! (Naturally we will still follow our comprehensive Covid-19 safety protocol.)

Stay safe and hope to see you all soon!