South African prime rate history

Every change in the prime lending rate since 2001 — 64 moves — with the repo rate behind each one and what it did to a bond repayment.

How prime and repo relate

The repo rate is what the South African Reserve Bank charges commercial banks to borrow from it, set by the Monetary Policy Committee. Prime is the rate banks charge their lowest-risk customers, and in South Africa it has run at repo plus 3.50 percentage points throughout the modern era. That is a convention rather than a law, but it has held consistently — which is why a repo announcement moves your bond the next day.

Your own rate is quoted against prime, not repo: "prime less 0.5%" means 10.00% today. When the MPC moves the repo rate, prime follows by the same amount, and so does every loan priced off it.

What the last cycle was worth

On R1 million over 20 years, prime at 10.50% costs about R9,984 a month. At 11.75% — the peak of the cycle in May 2023 — the same bond cost about R10,837, a difference of R853 every month on the same debt.

That is the argument for checking your rate rather than accepting the one you were given: the same swing applies to the discount you negotiated at the start. Work yours out with the bond calculator, or see what a better rate would save on the home loan comparison.

Highs and lows

• Highest: 17.00% on 13 September 2002 (repo 13.50%).
• Lowest: 7.00% on 24 July 2020 (repo 3.50%) — the lowest in South African history, cut to that level during the COVID-19 shutdown.

Every change since 2001

Newest first. The date shown is when the new rate took effect.

Frequently asked questions

What is the prime rate in South Africa right now?

10.50%, effective 29 May 2026. The repo rate is 7.00%.

What is the difference between the repo rate and prime?

The repo rate is the SARB's lending rate to banks; prime is what banks charge their best customers, and sits 3.50 percentage points above it. Consumer lending is priced off prime.

When does a rate change affect my bond?

Almost immediately. The MPC announces a decision and the new rate takes effect within days; your bank adjusts your instalment from your next billing cycle unless you are on a fixed rate.

What was the highest prime rate in South Africa?

In this series, 17.00% in September 2002. Prime was higher still in the late 1990s, before the period this table covers.

Will rates go up or down next?

Nobody knows, including us. The MPC decides at each scheduled meeting based on inflation against its target band. Treat any confident forecast — from anyone — with suspicion, and stress-test your own affordability a percentage point or two above your current rate instead.

Rate changes are sourced from published SARB Monetary Policy Committee decisions. Repo figures are derived as prime less 3.50 percentage points, the convention that has applied throughout this period. This is general information, not financial advice.