Interest Rate Increase

Shard said:
If this is gonna make you sweat, I got bad news for you...

Expect to be back at 12% in the next 2 years, thanks to lax credit barriers and unregulated micro-lending happening in South Africa.

Its funny how the poor are hurting the middle class by spending money they don't have.
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Could say the same about the middle class hurting the wealthy by spending money they don't have.
 
If Shard's prediction of 12% is correct it would mean that the rate will have to increase each month by 0.25%.
Will hate to be in a long term investment if that is the case.
 
R13... said:
On the plus side house prices might come down from their high up on the hills
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Just sold my house and renting the next year. Will use the profit to pay all my debts incl car. House prices in Cape Town have skyrocketed the past 2-3 years. Interest rate increases should bring back some sanity to the asking prices. The current lot of sellers are truely trying their luck. Try find anything under R2m with parking and a garden.
 
biometrics said:
Just sold my house and renting the next year. Will use the profit to pay all my debts incl car. House prices in Cape Town have skyrocketed the past 2-3 years. Interest rate increases should bring back some sanity to the asking prices. The current lot of sellers are truely trying their luck. Try find anything under R2m with parking and a garden.
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Hopefully there should be less and less places with gardens
 
creeper said:
Dear people.

if a 0.25% increase in the interest rate is going to break you, you might need to re-evaluate your finances.

If the interest rate of R 1 000 000 home loan @ 9% (now 9,25%) over 20 years was R 8 997, it is now R 9 159. Difference is R162
On a car loan of R 350 000 @ 9% (now 9,25%) over 60 months, it is R 43 increase.

That is a total of R205.

And also remember, if you are close to the debt rescue point, it ain't going to go better. The interest rate is going to go up, up and up
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While it may not push people over the edge, it's still R205 less for luxuries/food/etc.
 
Shard said:
If this is gonna make you sweat, I got bad news for you...

Expect to be back at 12% in the next 2 years, thanks to lax credit barriers and unregulated micro-lending happening in South Africa.

Its funny how the poor are hurting the middle class by spending money they don't have.
Click to expand...

Never gonna happen. This will destroy the economy.
 
Sinbad said:
While it may not push people over the edge, it's still R205 less for luxuries/food/etc.
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The interest is not the killer. I just saw that my rates and taxes increased with 10% from July.

The secondary taxes are a bigger threat.
 
MickeyD said:
Define savings? (include investments and the term "saving to plan for your future" in this...)
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There is a difference between "Savings" on which interest is accrued and are directly affected by interest rate changes, and "Investments" which tend to be more immune to changes in interest.

I maintain that anyone that is dependant on savings interest if pretty close to stupid, as interest rates are almost always less than inflation.
 
Billy said:
There is a difference between "Savings" on which interest is accrued and are directly affected by interest rate changes, and "Investments" which tend to be more immune to changes in interest.

I maintain that anyone that is dependant on savings interest if pretty close to stupid, as interest rates are almost always less than inflation.
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Now I will agree with you.
 
Fukk the reserve bank, the interest rate and the governor, fukk em all !

:twisted:
 
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