The great news of another interest rate cut is a boon to the property market.
The great news of another interest rate cut is a boon to the property market
With the last interest rate cut, it brings the prime lending rate the lowest it has been in almost fifty years. If you are looking to buy property, now is a great time. If you can afford it, and you were looking to buy before the Covid-19 pandemic, and your financial situation is still stable, then you should definitely look to buy now.
With all that is going on, it is definitely a buyers market. Property prices will soften over the next few months, and this combined with the low-interest rates makes for great savings on property.
Thursday's reduction is the fourth drop in the prime interest rate this year, bringing the repo rate to 3.75% and the prime lending rate at 7.25%
It is hoped that with inflation at the low end of 3% to 6% and the low-interest rates, it will spur the economy on, bolstered by an improvement in property sales. If you are looking to buy property, now is the time.