When was the last repo rate cut in SA?

As of July 2026, the most recent repo rate cut was in November 2025, when the rate was cut to 6.75%, bringing the prime lending rate to 10.25%. However, in May 2026, the SARB opted to increase the rate by 25 basis points, making the current repo rate 7.00% and prime lending rate 10.50%.

Recent rate-cutting cycle

We’ve just exited the most sustained rate-cutting cycle in years:

September 2024: 8.25% to 8.00% (first cut in years).
November 2024: 8.00% to 7.75%.
January 2025: 7.75% to 7.50%.
May 2025: 7.50% to 7.25%.
July 31, 2025: 7.25% to 7.00%.
November 20, 2025: 7.00% to 6.75%

The last rate cutting cycle represented a cumulative reduction of 1.50% in just 15 months, which brought rates to their lowest level since the COVID-19 pandemic. However, on 28 May 2026, the repo rate went from 6.75% to 7.00%.

Impact for homeowners

The previous rate-cutting cycle delivered significant relief, which includes:

• Monthly savings: Potentially R822 less per month on a typical R1 000 000 home loan.
• Better affordability: Thousands more South Africans potentially now qualify for home loans.
• With rates remaining moderate and potential for cuts in the near future, now is still an exceptional time to buy property or refinance your existing bond.