Prime interest rate in South Africa today: what you pay now and what to expect on 19 November
The repo rate is 7.25% and prime is 10.75% after September's hike. Here's what it costs on a home loan and what could happen at the next SARB meeting.
Key points
- South Africa’s repo rate is 7.25% and the prime lending rate is 10.75%.
- The Reserve Bank raised rates by 0.25 percentage points on 23 September 2026, blaming a worsening fuel price shock.
- The next interest rate decision is due on Thursday, 19 November 2026.
- On a R1 million home loan over 20 years, September’s hike added about R168 a month.
If you have a home loan, car finance or a credit card, the prime interest rate decides how much you pay every month. Here is where rates stand in South Africa today, why they went up, and what could happen at the Reserve Bank’s next meeting.
What is the prime interest rate in South Africa today?
| Rate | Current level |
|---|---|
| Repo rate (set by the SARB) | 7.25% |
| Prime lending rate (banks) | 10.75% |
| Last change | +0.25 percentage points, 23 September 2026 |
| Next decision | 19 November 2026 |
The repo rate is the rate at which the South African Reserve Bank (SARB) lends money to commercial banks. Banks add 3.5 percentage points to the repo rate to get the prime rate, the benchmark used for most home loans and other variable-rate debt.
Why did the Reserve Bank raise rates in September?
At its September meeting, the Monetary Policy Committee voted unanimously to raise the repo rate from 7% to 7.25%. Governor Lesetja Kganyago said the fuel price shock, which had appeared to be easing, had “intensified”, and that global interest rates were rising. The SARB’s job is to keep inflation close to its 3% target, and higher fuel prices push up the cost of almost everything else.
How much more are you paying?
Here is what the September hike means for a typical home loan over 20 years, with prime moving from 10.5% to 10.75%:
| Home loan amount | Monthly repayment at 10.5% | Monthly repayment at 10.75% | Extra per month |
|---|---|---|---|
| R1,000,000 | R9,984 | R10,152 | +R168 |
| R1,500,000 | R14,976 | R15,228 | +R253 |
Classicnews7 calculations, assuming a 240-month bond at prime. Your bank’s rate may be above or below prime.
Will interest rates go up or down on 19 November?
The Monetary Policy Committee announces its next decision on Thursday, 19 November 2026. Several factors will weigh on the decision:
- Fuel prices: government’s temporary fuel levy cut lowers pump prices from 4 November, which could ease short-term inflation. See petrol price November 2026.
- The latest inflation figures from Stats SA, released before the meeting.
- Global rates and the rand: a weaker rand makes imported fuel and goods more expensive.
We will publish the decision and what it means for your repayments as soon as it is announced.
How to protect yourself from higher rates
- Ask your bank for a better rate. If your credit record has improved, you may be able to negotiate below prime.
- Pay a little extra on your bond. Even R500 more a month can cut years and tens of thousands of rand off a home loan.
- Clear expensive debt first. Store cards and credit cards often charge far more than prime.
- Consider fixing your rate only after comparing the fixed rate with the expected path of prime. Fixed rates usually start higher.
This article is for general information only and is not financial advice.
Jonathan Lokota
Jonathan Lokota is the founder and editor of Classicnews7 and of Ready4BusinessOnline, a Johannesburg digital marketing and web design agency. He covers South African and world news, with a focus on money, politics and the stories that affect your pocket.
