Managing your Bond Repayments amidst Interest Rate Hikes

MANAGING YOUR BOND REPAYMENTS AMIDST INTEREST RATE HIKES
The South African Reserve Bank raised the prime overdraft rate (the average interest rate charged on loans by banks) a further 25bps in March 2016 to 10.50% amidst mounting inflationary pressures. This is the third straight rate hike in a row since November 2015 where it was raised to 9.75%. Factors such as a rise in food prices and deteriorating economic growth have driven inflation above the SARB’s 3-6% target, currently sitting at 7%.

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Rise in Emigration-related Property Sales

For many South African citizens, the thought of leaving our beloved country is unthinkable. However, a growing number of South Africans are choosing to emigrate overseas for a variety of reasons; the most common reason being a weak confidence in the current economic and political climate.  According to InterNations, an online international community for expats, the most prevalent reasons for South Africans emigrating are concerns over Government incompetence and corruption, a high crime rate, the deteriorating state of the economy, a growing unemployment rate and an increase in household/living costs.

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