Recently the South African Reserve Bank’s Monetary Policy Committee hiked the repo rate by 75 basis points to 5.5% – taking the prime lending rate to 9%.
Despite this increase, according to Seeff Property Group, the property market excepted a steeper hike. While the hike impacts the cost of mortgages and debt, it is not likely to affect the underlying demand in the market. “Continued low-interest rates relative to historical trends and the banks’ continued willingness to lend at high loan-to-value ratios have principally supported home buying activity in Q2 2022,” said Dyer.
According to the latest Ooba bond calculator, taking into account the new prime lending rate of 9%, to pay off an R5,000,000 bond entails the prospective homeowner paying R44,986 per month.Johannesburg
Source: News Formal (newsformal.com)
In the UK R5M gets you a 2 bed bungalow, except in greater London where it costs R10M.
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