What is the current prime lending rate in South Africa?

As of April 2022, the prime lending rate in South Africa is 7.75%. It was increased by 0.25% in November 2021, when the South African Reserve Bank raised the repo rate from 3.5% to 3.75%. It was then increased by another 0.25% in January 2022, (the repo rate having been raised to 4%).

Preceding the first hike in November 2021, it had been at its lowest rate in decades, prompting many to purchase homes even during the tough economic climate of the pandemic.

However, two interest rate hikes in quick succession shows that the South African Reserve Bank is attempting to adjust for inflation, with more rate hikes being predicted for 2022.

So now is the time to take advantage of lower interest rates. If you apply for a home loan with ooba Home Loans, we can help you secure low interest rates by submitting your application to multiple banks, enabling you to compare deals.