What it means for your bond
Most home loans in South Africa are priced at prime plus or minus a margin, so when prime moves your repayment moves with it, usually from the next month.
On a R1 500 000 bond over 20 years, the move from 10.50% to 10.75% added about R253 a month: R14 976 before, R15 228 now.
How prime is set
The Reserve Bank's Monetary Policy Committee sets the repo rate, the rate it lends to banks at. The banks then set prime at 3.5% above repo. That's a convention, not a law, but every major bank follows it.
Recent decisions
| Decision | Repo rate | Prime | Change |
|---|---|---|---|
| March 2026 | 6.75% | 10.25% | held |
| 28 May 2026 | 7.00% | 10.50% | up 0.25 |
| 23 July 2026 | 7.00% | 10.50% | held |
| 23 September 2026 | 7.25% | 10.75% | up 0.25 |
Next Reserve Bank decisions
- 19 November 2026
- 28 January 2027
- 18 March 2027
- 27 May 2027
We update this page after each decision.
Fixed or variable?
Most bonds are variable: they follow prime up and down. Some banks offer a fixed rate for a period, usually at a higher starting rate. FNB's graduate home loan, for example, fixes the rate for the first two years. A consultant can ask the banks for both.
Where this comes from
- South African Reserve Bank, current market rates (policy rate 7.25%, prime 10.75%) (read 11 Oct 2026, figures dated 9 Oct 2026)
- South African Reserve Bank, MPC meeting dates (read 11 Oct 2026)
- SAnews: Reserve Bank raises repo rate to 7% (May 2026)
Checked October 2026.