From one extreme to the other: the interest rate in South Africa has gone from being at historic lows in 2020 to continually climbing since 2022.
Yesterday’s 0.5% increase was the 10th hike in a row, and while we are all aware of the growing impact this rate is having on our finances, it is troubling to note just how much it has risen over the past two years.
To illustrate the rate changes, we start in January 2019 and track it all the way until today. Seeing it in a picture really does bring it home.
- January 2019 – 10.25%
- March 2019 – 10.25% (=)
- May 2019 – 10.25% (=)
- July 2019 – 10% (-0.25%)
- September 2019 – 10% (=)
- November 2019 – 10% (=)
- January 2020 – 9.75% (-0.25%)
- March 2020 – 8.75% (-1%)
- April 2020 – 7.75% (-1%)
- May 2020 – 7.25% (-0.5%)
- July 2020 – 7% (-0.25%)
- November 2020 – 7% (=)
- January 2021 – 7% (=)
- March 2021 – 7% (=)
- May 2021 – 7% (=)
- July 2021 – 7% (=)
- September 2021 – 7% (=)
- November 2021 – 7.25% (+0.25%)
- January 2022 – 7.5% (+0.25%)
- March 2022 – 7.75% (+0.25%)
- May 2022 – 8.25% (+0.5%)
- July 2022 – 9% (+0.75%)
- September 2022 – 9.75% (+0.75%)
- November 2022 – 10.5% (+0.75%)
- January 2023 – 10.75% (+0.25%)
- March 2023 – 11.25% (+0.5%)
- May 2023 – 11.75% (+0.5%)
For homeowners who have had a bond since January 2019, we have also calculated the approximate instalments based on the following home loan amounts over a 20-year repayment period:
Bond repayment on a R1m home
- January 2019 – R9 816
- July 2019 – R9 650
- January 2020 – R9 485
- March 2020 – R8 837
- April 2020 – R8 209
- May 2020 – R7 904
- July 2020 – R7 753
- November 2021 – R7 904
- January 2022 – R8 056
- March 2022 – R8 209
- May 2022 – R8 521
- July 2022 – R8 997
- September 2022 – R9 485
- November 2022 – R9 984
- January 2023 – R10 152
- March 2023 – R10 493
- May 2023 – R10 837
Bond repayment on a R1.5m home
- January 2019 – R14 725
- July 2019 – R14 475
- January 2020 – R14 228
- March 2020 – R13 256
- April 2020 – R12 314
- May 2020 – R11 856
- July 2020 – R11 629
- November 2021 – R11 856
- January 2022 – R12 084
- March 2022 – R12 314
- May 2022 – R12 781
- July 2022 – R13 496
- September 2022 – R14 228
- November 2022 – R14 976
- January 2023 – R15 228
- March 2023 – R15 739
- May 2023 – R16 256
Bond repayment on a R2m home
- January 2019 – R19 633
- July 2019 – R19 300
- January 2020 – R18 970
- March 2020 – R17 674
- April 2020 – R16 419
- May 2020 – R15 808
- July 2020 – R15 506
- November 2021 – R15 808
- January 2022 – R16 112
- March 2022 – R16 419
- May 2022 – R17 041
- July 2022 – R17 995
- September 2022 – R18 970
- November 2022 – R19 968
- January 2023 – R20 305
- March 2023 – R20 985
- May 2023 – R21 674
Bond repayment on a R2.5m home
- January 2019 – R24 541
- July 2019 – R24 126
- January 2020 – R23 713
- March 2020 – R22 093
- April 2020 – R20 524
- May 2020 – R19 759
- July 2020 – R19 382
- November 2021 – R19 759
- January 2022 – R20 140
- March 2022 – R20 524
- May 2022 – R21 302
- July 2022 – R22 493
- September 2022 – R23 713
- November 2022 – R24 959
- January 2023 – R25 381
- March 2023 – R26 231
- May 2023 – R27 093
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