The interest rate increase will take money out of consumer pockets – at a rate of R1,670 per month for a R1 million home loan, compared to a year ago.
To force prices down, the Reserve Bank is now taking money out of consumer pockets, by way of higher interest payments.
First-time buyers and those who have to stretch farther to afford a home tend to pay above prime, while those in better financial shape can get rates at below prime, so the impact of an interest rate increase is predominantly felt by the less-than-rich.
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