The South African Reserve Bank surprised markets with an interest rate cut on Thursday, 20 July 2017.

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The news that the Reserve Bank cut the repo rate to 6.75% from 7%, will be positively greeted and cheered by many home buyers and those with mortgages.

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This is a 25-base point reduction in the repo rate, which has taken effect from 21 July 217, to 6.75% per annum.

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Furthermore, the prime lending rate will drop from 10.5% to 10.25%, offering some support to consumers.