Repo Rate Weighs Heavily On Savanna City Residents
Savanna City, a popular residential area located in the south of Johannesburg, South Africa, has been impacted by recent changes to the country's repo rate. The repo rate, which is the interest rate at which the South African Reserve Bank lends money to other banks, has been increased several times in recent months, leaving many residents of Savanna City struggling to keep up with their bond payments. The repo rate currently stands at 6.25%, having been raised by 25 basis points in March 2023. While the increase may seem small, it has had a significant impact on homeowners in Savanna City, particularly those who have taken out bonds to purchase their properties. Many residents are now finding it difficult to keep up with their monthly bond payments, as the increase in the repo rate has led to higher interest rates on their bonds. This has resulted in higher monthly repayments, leaving some residents feeling financially strained. Savanna City is home to many young families who hav...