SARB cuts interest rates in GOOD news for South Africans in debt
The South African Reserve Bank's (SARB) Monetary Policy Committee (MPC) voted to cut interest rates by 25 basis points on Thursday.
The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) voted to cut interest rates by 25 basis points on Thursday.
Five committee members voted to cut the rates by 25 basis points while one other favoured a 50 basis point reduction.
As a result, the repo rate now stands at 7.25% while the prime lending rate is 10.75%.
Who are the SARB’s MPC?
The South African Reserve Bank’s monetary policy committee meets every second month to announce changes – if any – to the country’s repo and prime lending rates.
The meetings in 2025 are scheduled to take place in January, March, May, July, September and November – and always on a Thursday at 15:00.
Currently, the committee comprises of six people, with Lesetja Kganyago holding the position of governor of the SARB – and the deciding vote if necessary.
| Month | Date | Outcome |
| January | 30 January | 25 basis point cut |
| March | 20 March | No change |
| May | 29 May | 25 basis point cut |
| July | 31 July | |
| September | 18 September | |
| November | 20 November |
Monthly bond repayment table
The table below shows the current monthly bond repayments on various bond values over a 20-year period assuming no deposit and repayments at prime.
In addition, it shows the now ‘old’ 11% repayments as well as the repayments fllowing the announcement of a 25 basis point cut as well as the monthly saving:
| Bond | Old (11%) | New (10.75%) | Saving |
| R750 000 | R7 741 | R7 614 | R127 |
| R800 000 | R8 258 | R8 122 | R136 |
| R850 000 | R8 774 | R8 629 | R145 |
| R900 000 | R9 290 | R9 137 | R153 |
| R950 000 | R9 806 | R9 645 | R161 |
| R1 000 000 | R10 322 | R10 152 | R170 |
| R1 500 000 | R15 483 | R15 228 | R255 |
| R2 000 000 | R20 644 | R20 305 | R339 |
| R2 500 000 | R25 805 | R25 381 | R424 |
| R3 000 000 | R30 966 | R30 457 | R509 |
| R3 500 000 | R36 127 | R35 533 | R594 |
| R4 000 000 | R41 288 | R40 609 | R679 |
| R4 500 000 | R46 448 | R45 685 | R763 |
| R5 000 000 | R51 609 | R50 761 | R848 |
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