Interest Rate Reduction
Category Interest Rate
Today The Reserve Bank cut the interest rate by a full 100 basis points, which in turn will result in the Prime Interest Rate for Home Loans dropping from 9,75% to 8,75%.
In order to give you a quick idea as to the Nett saving this would give the average person out there with a Home Loan, please see below a brief table showing savings in certain brackets.
|BOND VALUE||PREVIOUS PAYMENT (9,75%)||NEW PAYMENT (8,75%)||MONTHLY SAVING|
|R500 000||R4 745||R4 420||R325|
|R750 000||R7 118||R6 630||R488|
|R1 000 000||R9 490||R8 840||R650|
|R1 500 000||R14 235||R13 260||R975|
|R1 750 000||R16 608||R15 470||R1 138|
|R2 000 000||R18 980||R17 680||R1 300|
|R3 000 000||R28 470||R26 520||R1 950|
If you would like more in-depth infomation please do not hesitate to email me on email@example.com and I will try and assit with your requests.
Enjoy the Saving!
Author: Paul Campbell