Repo-rate increase lifts monthly repayments for homeowners and motorists

The South African Reserve Bank increased the interest rate by 25 basis points to 10.75%, leading to higher monthly payments for home and car loans. A R1.5 million mortgage will cost about R253 more per month, and a R500,000 vehicle loan will increase by approximately R64. The governor Lesetja Kganyago stated that inflation is projected to reach 5% before slowing to 3% by the end of 2027, influenced by rising fuel prices.