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Trouble for South African homeowners with bonds

Despite declining inflation and interest rates, homeowners with bonds are still under financial strain, as evidenced by the increase in overdue home loan payments. This is according to research and analytics firm Eight20's latest Credit Stress Report for the fourth quarter of 2024.
The article from BusinessTech discusses the challenges faced by South African homeowners with bonds due to rising interest rates. The South African Reserve Bank (SARB) has increased the repo rate, which in turn raises the prime lending rate, affecting bond repayments. This increase means that homeowners are now paying significantly more each month for their home loans. For instance, a R1 million bond at the current prime rate of 11.75% results in a monthly repayment of R10,667, which is R1,000 more than it would have been at the prime rate of 7.25% in November 2021. This escalation in costs is putting financial pressure on many homeowners, especially those with variable rate bonds, as their monthly expenses rise while their incomes might not keep pace. The article also mentions that this situation could lead to increased property market activity as some might be forced to sell due to unaffordable bond repayments.

Read the Full BusinessTech Article at:
https://businesstech.co.za/news/finance/815658/trouble-for-south-african-homeowners-with-bonds/

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