ESTHER MUKUMBO: How to navigate home loan debt
Four things you can do to help you cope with the effect of rising interest rates on your finances
29 June 2023 - 05:00
The recent interest rate hike has affected many homeowners — the Reserve Bank has increased the repo rate from 3.5% in 2020 to 8.25%, with prime now at 11.75%.
A R1m 20-year bond now carries a monthly bond repayment of R10,837 (11.75% interest rate), up from R7 ,752 (7%) two years ago. For homeowners, and anyone with debt, the cost of servicing debt has gone up significantly...
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