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Danie M
1 reviews | Active since May 2020
27 Sept 2024, 09:17
****
Even though the interest rate of south africa came down to 11.50% sa homeloans keeps it up at 12.7% till 21 Nov when they will decide what to do if its going to come down or go up. From last month this this month even after the decrease my installment went up with another +-R200. So while the rest of the country is coming down SA Homeloans decides to milk us for another 2 months on old interest rate which i feel is ********.
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SA Home Loans's replyOfficial
27 Sept 2024, 09:36Hi Danie. Our Base Rate, 3-month JIBAR, is a close approximation of the REPO Rate and the adjustment to our client rates occurs on predefined quarterly reset dates. While there are timing differences, our interest rates have historically outperformed the Prime Lending Rate in a decreasing interest rate environment and even if the REPO Rate increases, our client’s interest rates remain unchanged from one quarter to the next. The Banks use the Prime Lending Rate (REPO + 3.5%) as their Base Rate to which they add a margin, whereas we use the 3-month JIBAR as our Base Rate which approximates the REPO Rate.
Regards
The SA Home Loans Team
Regards
The SA Home Loans Team
SA Home Loans's reply27 Sept 2024, 09:36
Official
Hi Danie. Our Base Rate, 3-month JIBAR, is a close approximation of the REPO Rate and the adjustment to our client rates occurs on predefined quarterly reset dates. While there are timing differences, our interest rates have historically outperformed the Prime Lending Rate in a decreasing interest rate environment and even if the REPO Rate increases, our client’s interest rates remain unchanged from one quarter to the next. The Banks use the Prime Lending Rate (REPO + 3.5%) as their Base Rate to which they add a margin, whereas we use the 3-month JIBAR as our Base Rate which approximates the REPO Rate.
Regards
The SA Home Loans Team
Regards
The SA Home Loans Team
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Danie M's updateReviewer Update
27 Sept 2024, 09:46Okay so then what is the meeting for that is apparently held on the 21st November?? And why is my installment more this month? Can you have somebody that is competent to do his job call me and explain?
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Danie M's update27 Sept 2024, 09:46
Reviewer Update
Okay so then what is the meeting for that is apparently held on the 21st November?? And why is my installment more this month? Can you have somebody that is competent to do his job call me and explain?
DM
Danie M's updateReviewer Update
27 Sept 2024, 10:01You can call me now
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Danie M's update27 Sept 2024, 10:01
Reviewer Update
You can call me now