Thursday, 5 February 2009

February 2009 Interest Rate Drop!! woohoo

Ladies and gentleman... Some good news.

The interest rate has officially dropped 1%.

South Africa's new interest rate 14%.

Thanks Tito, you're a star!

Let the trend begin and let the houses start selling again!


Colin Brazendale said...

Yes, Thank you very much Tito. I can not believe that they did not allow you to go 200 points down.

Well we will wait until April then.

Carandhomeinsurance said...

That is good news we just have to wait and see what happens
I Think bank changes so going crazy because of the current economy situation. Those days to take a loan at the bank it like taking money to a loan shack. People can’t even ask the bank to buy a car or a house because of the interest rates.

PMM said...

This is great news, and it will help a hell of a lot. Colin you right a pity it didn't but like you said lets just wait till April

South Africa Economy said...

It's so naive to believe that lower interest rates will do any good.
South Africans are drowning in debt, only 16% of the population is debt free, 33% says they are drowning in debt and 11% mist at least one downpayment. Even with lower intrest rates nobody will take on new loans (which is wise). With new loans they would simply prolongue the debt problem. The times of leverage are over, time South Africans wake up.

The rela problem of the country is South Africant's increasing negative current account, for the last 7 years it has been constantly swelling in the red.

Read also this article which refers to an excellent piece in The Economist on South Africa today:

jkproperties said...

"33% says they are drowning in debt and 11% mist at least one downpayment. "

This is exactly why the interest rate cut will help.

This will leave more money in south africans pocket's.

How can you say "It's so naive to believe that lower interest rates will do any good."

Just look at the amount of reposesed cars and houses currently on the market compared to a couple of years ago when interest rates were lower.

You were really lucky to find any.

WizardMan said...

yeah i have to agree with JK.

lowering interest rates will most definately assist people who are on the border line of being in financial crap.

it's already too late for those whose house have been repossesed, but what about those that re living on the edge?

drop in petrol price
drop in food prices (woolworths 220 items)
drop in interest rates

this has got too mean something good for South Africans.

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