When is the next repo rate announcement in South Africa?
The next repo rate announcement is on 19 November 2026 — the final scheduled Monetary Policy Committee decision of 2026. The SARB publishes the decision, the statement behind it and a live webcast on the day (calendar in Sources below). If the committee moves the repo rate, banks reprice variable-rate bonds off prime within weeks of the announcement. For the full-year picture, see our guide to when the next interest rate decision lands.
Why is the repo rate at 7.25% going into November?
Because the MPC put it there: on 23 September 2026 the committee raised the repo rate by 25 basis points to 7.25%, effective 25 September 2026, on a unanimous vote — taking prime to 10.75%. Headline inflation was 4.4% at the decision, with rising fuel prices and elevated services inflation cited, and the committee said it adopted a more restrictive stance to prevent second-round effects (SARB September statement). The 2026 record so far:
| MPC meeting | Decision | Repo | Prime |
|---|---|---|---|
| 23 September 2026 | +25bp | 7.25% | 10.75% |
| 23 July 2026 | Hold | 7.00% | 10.50% |
| 28 May 2026 | +25bp | 7.00% | 10.50% |
| 26 March 2026 | Hold | 6.75% | 10.25% |
Since that hike, Governor Kganyago has said prevailing rates are high enough to beat inflation — widely read as a hold signal — while the latest Stats SA inflation print has cooled. For both threads, see our coverage of Kganyago on rates versus inflation and September's CPI print and the November decision.
What does a hold at 7.25% mean for your bond repayment?
Nothing changes. A hold keeps repo at 7.25% and prime at 10.75%, so variable-rate instalments stay exactly where they are today. What you already pay — and what each possible 25bp move would add or save — looks like this at a 20-year term, by our calculation:
| Bond size | Monthly at 10.75% | If prime +25bp | If prime −25bp |
|---|---|---|---|
| R 1 000 000 | R 10 152 | +R 170 | −R 168 |
| R 1 500 000 | R 15 228 | +R 254 | −R 253 |
| R 2 000 000 | R 20 305 | +R 339 | −R 337 |
These assume you pay exactly prime — the midpoint of the pricing conversation, not a quote. Run your own amount and rate in the bond repayment calculator.
Could the repo rate still go down this cycle?
It could — no one can rule a cut out, and we don't forecast the committee's decision. But nothing in the 2026 record points that way yet: two hikes and two holds have taken prime up a full percentage point since March, and the September statement flagged second-round inflation risks. A cut would need inflation to keep cooling and those concerns to ease. The scenarios both ways, with figures, are in our guide to the expected repo rate for South Africa in 2026.
How do you cut your bond rate without waiting for the MPC?
The rate you're offered is not prime — it's prime plus or minus a margin, and the margin is negotiable. Offers across the major-bank panels that originators submit to typically land between prime -1% and prime +2% — roughly 9.75% to 12.75% at today's prime. On a R1.5 million bond over 20 years, that spread looks like this (illustrative offsets, not offered rates):
| Scenario (R1.5m bond, 20 years) | Rate | Monthly repayment |
|---|---|---|
| Strong credit profile with a substantial deposit | 9.75% | R 14 228 |
| Prime (the bank’s standard quoted rate) | 10.75% | R 15 228 |
| Weaker or thin credit profile, or a 100% bond | 12.75% | R 17 307 |
The gap between the best and worst row is about R 3 079 a month on the same loan — more than any single 25bp MPC move. ooba reports an average concession of 0.67% below prime across the bonds it registers, worth roughly R 674 a month on a R1.5 million bond at today's rates, by our calculation. Three steps put you on the right side of that average: get pre-approved so banks see a ready buyer — before the rate decision beats waiting for one; submit to every major bank at once — a bond originator does this at no cost; and negotiate with every counter-offer in hand. No bank guarantees a rate — what you get depends on your profile on the day.
(Last updated 7 November 2026. Repo and prime rates verified against the SARB September 2026 MPC statement; illustrative bank-rate band cross-checked with ooba Home Loans rate-concession reporting as listed below. Repayment examples: 20-year term at the stated rate, no margin — your actual rate may be prime plus or minus a margin.)