Today’s repo rate reduction of 25bps (to 6.5%), coupled with early indicators of recovery in the South African residential property market augur well for the balance of the year and underscore the opportunity for home buyers to capitalise on the current favourable market conditions before the market enters a decisive upturn.

New Mortgage Lending continued its year-on-year decline in the 1st quarter of 2019, with the Commercial Mortgage Lending and New Building Mortgage categories being the major “drag”

Friday, 24 May 2019 12:31

Repo rate unchanged

South African Reserve Bank (SARB) Governor Lesetja Kganyago has announced that the Monetary Policy Committee (MPC) has maintained the repurchase (repo) rate at 6.75%.

John Jack, CEO of Galetti Corporate Real Estate: "Election results set to boost commercial property prices and lower yields."

JSE listed REIT Octodec Investments Limited, today announced its half year results, declaring a distribution of 101.7 cents per share for the period.

In most cases when a person purchases a property, he will have to apply for a mortgage loan and this would be written into the offer to purchase as a suspensive condition, giving a certain time frame for the bond to be obtained by the bank and accepted by the buyer.

The recent ruling by the Supreme Court of Appeal where the body corporate of Gardens Lodge in Cape Town was found to have charged a “patently exorbitant” interest rate on levies that were outstanding.

The Monetary Policy Committee (MPC) of the Reserve Bank has once again decided to leave South Africa’s repo rate unchanged at 6,75% and prime interest rate the same at 10,25%.

4th Quarter 2018 SARB New Mortgage Lending data, released in the March SARB Quarterly Bulletin, showed a further year-on-year decline in the Value of New Mortgage Loans Granted, but it was a decline of a lesser magnitude than that of the prior quarter.

In the week ahead, the South African Reserve Bank (SARB) Monetary Policy Committee (MPC) will meet to deliberate on interest rates from the 26-28 March, and FNB expects it to leave its policy Repo Rate unchanged at 6.75%.

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