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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 paul@natalproperty.co.za and I will try and assit with your requests.

Enjoy the Saving!

Paul

Author: Paul Campbell

Submitted 19 Mar 20 / Views 49

Pietermaritzburg, KwaZulu Natal

Natal Property Consultants offers various property solutions for those wanting to move to Pietermaritzburg. Pietermaritzburg is the capital city of the Kwa-Zulu Natal province and also the second largest city in the province.... More Info