Interest rates are getting higher and, if you have a mortgage or a car to pay off, you’re likely feeling the pinch.
Last week, the South African Reserve Bank hiked the repo rate, which affects the cost of borrowing, by another aggressive 75 basis points. The increase lifted the prime lending rate to 9.75%. This means that a R1-million bond repayment will now cost about R485 more per month.
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Sarah Smit
Sarah Smit is a general news reporter at the Mail & Guardian. She covers topics relating to labour, corruption and the law.
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