NOVEMBER INTEREST RATE INCREASE
Category General News
This afternoon, the Reserve Bank announced yet a further increase in the lending rate by 75 basis points. This means that the repo rate (the rate at which the Reserve Bank lends money to commercial banks) will increase from 6.25% to 7%, which in turn pushes the prime rate (the basic rate at which commercial banks provides financing to borrowers) up from 9.75% to 10.5%.
For one's personal finances, the higher interest rates translate to higher debt repayments, whether in respect of a mortgage, vehicle financing, student loan or other debt.
Author: STBB
