What do the interest rate cuts mean and how you can benefit?

The South African Reserve Bank cut interest rates for the first time since March 2018 last Thursday, lowering rates by 25 basis points to 6.5%. This cut has led to banks cutting their prime lending rates from 10.25% to 10%. While this interest rate drop will result in lower monthly home loan and vehicle repayments for South African consumers, it provides an excellent opportunity for consumers to get themselves out of debt sooner by leaving monthly repayments fixed.