The latest rate adjustment means homeowners are now paying an extra 1.25% on their home loans since the lows of 2020, with a further 1% in hikes expected this year, he said.
“For middle-class homeowners and prospective property buyers, the 1.25% rate hikes mean an extra R600 to R1,200 per month on mortgages of between R750,000 and R1.5 million, depending on the rate and repayment period.”Seeff said the expectation of a further 100bps means buyers need to budget for an“Buyers could also look to purchase below their budget to create a financial buffer.
“If you have additional debt such as a credit card and car loan, you will need to take that into account on top of needing extra budget for the higher food, fuel and other household expenses.”
I am going to cut R1000 on garden services, it's not sustainable. I think of paving the entire yard.