What has the SARB done with interest rates in 2026?
Four meetings, 2 hikes: the repo rate has risen 0.50 percentage points in 2026, from 6.75% to 7.25%, and prime has followed it from 10.25% to 10.75%, effective 25 September 2026. Each move below comes from the SARB's own MPC statement.
26 March 2026 — Held (repo 6.75%, prime 10.25%)
Unanimous hold at 6.75%. The Middle East conflict had only recently broken out, and the committee described its cautious stance as prudent while it watched for second-round price effects.
28 May 2026 — Hiked 25 basis points to 7.00% (repo 7.00%, prime 10.50%)
Increased the policy rate by 25 basis points to 7.00%, effective 29 May 2026 — the first change since May 2023. Four members voted for the increase and two for no change, citing intensified inflation risk from the Middle East conflict and oil and food prices.
23 July 2026 — Held (repo 7.00%, prime 10.50%)
Held the policy rate at 7.00%: headline inflation at 5.0% in June, above the 3% target point. Four committee members preferred a hold and two a 25bp increase, with oil and food-price risks from the Middle East conflict cited as upside risks to inflation.
23 September 2026 — Hiked 25 basis points to 7.25% (repo 7.25%, prime 10.75%)
Raised the policy rate by 25 basis points to 7.25%, effective 25 September 2026 — the prime lending rate rises to 10.75%. The decision was unanimous. Headline inflation was 4.4%, with fuel prices rising again after moderating between June and August and services inflation elevated; the committee adopted a more restrictive stance to prevent second-round effects, citing an adverse global environment.
The MPC meets again on 19 November 2026 — the last scheduled decision of 2026, per the SARB's official calendar.
What have the 2026 hikes added to your bond repayment?
Most home loans are priced off prime, so both hikes land on variable-rate repayments. bond.co.za's calculation, at a 20-year term and prime with no margin — today's 10.75% against the 10.25% the year started at:
| Bond size | At 10.25% (start of 2026) | At 10.75% (today) | Added / month |
|---|---|---|---|
| R 1 000 000 | R 9 816 | R 10 152 | +R 336 |
| R 1 500 000 | R 14 725 | R 15 228 | +R 504 |
| R 2 000 000 | R 19 633 | R 20 305 | +R 672 |
On the R1.5 million bond, that is about R 120 908 of extra instalments across a full 20-year term — which is why offsetting moves matter. These are estimates: your actual rate may be prime plus or minus a margin depending on your bank, deposit and credit profile. To see the rise at your own numbers, use the bond repayment calculator or the rate increase impact calculator.
What would a third hike in 2026 add?
The MPC meets on 19 November 2026. If it repeats the year's 25 basis point move, prime would go to about 11.00% and a R1.5 million repayment would rise by roughly R 254 more a month — about R 170 on R1 million and R 339 on R2 million. That is an illustrative calculation, not a forecast: the SARB publishes no rate path, and a hold is as possible as a hike. For the published views in full, see our November decision preview and the Bank of America rate call.
How do you get below prime after the hikes?
The posted prime is a starting point, not your rate: banks price each application between roughly prime minus 1.0% and prime plus 2.0% depending on credit profile, deposit and loan-to-value. ooba reports an average rate concession of 0.67% below prime across the bonds it registers (as at 3 October 2026) — achieved by submitting one application to multiple banks and letting them compete, which is what a bond originator does. The same 0.50-point rise costs a borrower sitting 0.67% below prime materially less each month than a prime-plus borrower — so after every hike, comparing offers is worth more, not less. Start with how a bond originator works.
(Last updated 15 October 2026. Rate figures verified against the SARB 2026 MPC statements and the SARB MPC calendar listed below. Repayment examples: 20-year term at prime, no margin — your actual rate may be prime plus or minus a margin.)