On a R1m home loan, this Reserve Bank decision will save South African home owners approximately R39 900 on a R1 million home loan over a 20 year term.The home buyer’s saving will be R166 on their monthly bond repayments.
“ooba expects the lower interest rate to stimulate the residential housing market as prospective homebuyers will now find it easier to afford the repayments on a new home loan”, said Rhys Dyer, CEO of ooba.
The current South African property market outlook remains cautiously favourable with moderate house price growth, relatively low interest rates and an increased appetite from the major lenders to lend.
