How are you doing with the current interest rates?

How are you doing with the current interest rates?

  • Barely managing / Scraping by

    Votes: 18 24.0%

  • Managing fine / No change

    Votes: 25 33.3%

  • Making extra payments monthly / Doing well

    Votes: 9 12.0%

  • Dont own a property / Home-loan paid off

    Votes: 23 30.7%
  • Total voters
    75
  • Poll closed .
Mist4h20

Mist4h20

Senior Member
Joined
Oct 8, 2018
Messages
709
Reaction score
283
Often wondering how people are doing with the current interest rates, especially those who bought during the covid period, feel free to participate.
 
Home loan was paid off many years ago but last year was expensive due to solar & pool so had to dip into investments AND access bond. Januworry was worst. Hopefully, debt will be cleared this month, if not next.
 
Signed OTP about two months before the first hike started.. we knew that a hike or two was likely and factored it in..

However, shyte utterly hit the fan with the hikes and from what we factored in for hikes, ended up actually being just over double that..

It's pay cheque to pay cheque for us now, even after having reduced unnecessary extras from the budget..
 
No issues at all. My total credit is just shy of half my affordability. Never take out the max the bank will give you.
 
Bought a house in 2022 September, since then its only been going up, we planned for it but damn it has to stop somewhere. Managing fine, but definitely feeling it for sure
 
Other than paying a lot more for food, doing fine here as well.
 
WAslayer said:
Signed OTP about two months before the first hike started.. we knew that a hike or two was likely and factored it in..

However, shyte utterly hit the fan with the hikes and from what we factored in for hikes, ended up actually being just over double that..

It's pay cheque to pay cheque for us now, even after having reduced unnecessary extras from the budget..
Click to expand...
3 hikes since i signed homeloan :) Its like the universe conspired...
 
Hikes was predicted in 2001 already ... and ended in Dec 2023 (just as it was predicted as well).

So we are now hovering at a "high", and "I" dont see any cuts soon
 
rvZA said:
Weren't you warned last year that this would happen?
Click to expand...
this is since early 2021. It might even be more than 3.

I stopped counting and just dough money out of savings to keep the account fed for the Bank.. too scared to look at the impact lol.
 

Nedbank says people cancelling insurance after buying new cars caused headaches - so it solved the problem

The current repo rate isn't particularly high... Compared to that sweet sweet covid period it feels a bit rough.
mybroadband.co.za mybroadband.co.za
Copy of a post I made in another thread WRT the repo rate:
Taking on long term debt during a period when the rate was at an all-time low and thinking it would last was not a good idea.

I feel bad for people who were conned into buying houses etc that they couldn't really afford during that period, but we could just as easily have seen another 1998 soon after. If you're going to take on long term debt it's irresponsible to not consider the long-term outlook. If someone was already stretching their affordability then what will they do if Evergrande collapses tomorrow?

Historical rates:
1707992782620.png

South Africa Interest Rate

The benchmark interest rate in South Africa was last recorded at 7 percent. This page provides - South Africa Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.
tradingeconomics.com tradingeconomics.com
 
epah said:
Doesn't affect me, Finally debt free as of 13/02/2024.
Click to expand...
Good. Now you can start again.

Let the spending begin!!!

3e6e34d6cb50d6a9555076d70d5b608c.gif
 
I upgraded from a flat to a house during the absolute bottom of covid interest rates. But I was under no illusion that rates would stay low, so I budgeted on rates hitting around 15% when calculating affordability.

Of course the agent tried to push me to buy in a higher bracket, but luckily sanity prevailed. Had I maxed it back then I would be royally screwed right now .

Still sucks to pay almost 50% more than 2 years ago though. But it beats renting, and the property has more than doubled in price since then.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X