The repo rate (rate at which the Reserve bank lends money to the retail banks) has been reduced by yet a further 0.5%! As such the repo rate will now be 3.75% (down from 4.25%) and the prime lending rate, will be 7.25% (down from 7.75%)

How will this affect your pocket? On a home loan of R2 000 000, repayable at a prime interest rate of 7.25% over 20 years, your payment will now be R15 807.52, whilst at 7.75% it would have been R16 418.97. This signifies a reduction of R611,45pm.

Stay safe and hope to see you all soon again!