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
