How the rate affects your bond
See the monthly rand impact of rate changes on your home loan
Monthly payment calculated on a 20-year term at each rate scenario.
SA prime rate history — 2020 to 2026
| Date effective | Repo rate | Prime rate | Change | SARB decision |
|---|---|---|---|---|
| 20 Nov 2025 | 6.75% | 10.25% | −0.25% | Cut — improved inflation outlook |
| 31 Jul 2025 | 7.00% | 10.50% | −0.25% | Cut — continued easing cycle |
| 29 May 2025 | 7.25% | 10.75% | −0.25% | Cut — inflation within target |
| 30 Jan 2025 | 7.50% | 11.00% | −0.25% | Cut — 3rd consecutive reduction |
| 21 Nov 2024 | 7.75% | 11.25% | −0.25% | Cut — start of easing cycle |
| 19 Sep 2024 | 8.00% | 11.50% | −0.25% | Cut — first cut since 2020 |
| 25 May 2023 | 8.25% | 11.75% | +0.50% | Hike — fighting persistent inflation |
| 30 Mar 2023 | 7.75% | 11.25% | +0.50% | Hike |
| 26 Jan 2023 | 7.25% | 10.75% | +0.25% | Hike |
| 24 Nov 2022 | 7.00% | 10.50% | +0.75% | Hike |
| 22 Sep 2022 | 6.25% | 9.75% | +0.75% | Hike |
| 21 Jul 2022 | 5.50% | 9.00% | +0.75% | Hike |
| 19 May 2022 | 4.75% | 8.25% | +0.50% | Hike |
| 24 Mar 2022 | 4.25% | 7.75% | +0.25% | Hike — start of tightening cycle |
| 27 Jan 2022 | 4.00% | 7.50% | +0.25% | Hike |
| 23 Nov 2021 | 3.75% | 7.25% | +0.25% | Hike — first since pandemic |
| 22 Apr 2020 | 3.75% | 7.25% | −1.00% | Emergency cut — COVID-19 |
| 15 Apr 2020 | 4.75% | 8.25% | −1.00% | Emergency cut — COVID-19 |
| 20 Mar 2020 | 5.75% | 9.25% | −1.00% | Emergency cut — COVID-19 |
Source: South African Reserve Bank (SARB). Prime = Repo + 3.50%. Older history available from SARB.co.za.
What is the prime rate and how does it affect your bond?
Repo rate vs prime rate
The repo rate is what the SARB charges commercial banks. The prime rate is repo + 3.50% — this is the benchmark home loan rate. Your bank offers you prime minus X% to prime plus Y% depending on your credit score and deposit size.
How your bond rate is set
SA home loans are variable rate by default — they track prime. If you're at prime (10.25%), a 0.25% cut reduces your rate immediately next month. You can sometimes negotiate a fixed rate, but SA banks rarely offer these beyond 2–3 years.
When does the SARB meet?
The MPC meets approximately every 6 weeks — six times per year. Meetings are typically in January, March, May, July, September, and November. Rate decisions are announced at the end of the second day of the two-day meeting.
What to do when rates change
When prime drops, keep paying your original instalment. The extra goes to principal and saves you years of interest. Use our Extra Payments Calculator to see the impact.