How much it costs to finance a R1 million bond at the current interest rate

While those with a mortgage in South Africa can breathe a sigh of relief, given the pause in interest rates for July, they are still paying a lot more compared to just 19 months ago, with a R1 million bond now costing over R3,000 more to finance at the current interest rate.

Chairman of the Seeff Property Group, Samuel Seeff, said that holding the interest rate was the correct decision given that inflation has, against expectation, been coming down rapidly over the last three months to 5.4% in June and is now within the central bank’s 3%-6% target range. The higher interest rate has also driven down property sales volumes, even in the Cape market, which has been strong.

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