What has the SARB done with the repo rate in 2026?
Three meetings, two hikes: the committee raised the repo rate by 25 basis points in May to 7.00% (the first change since May 2023), held it in July on a 4–2 vote, then raised it again on 23 September — unanimously — to 7.25%, effective 25 September 2026. Prime followed each move and now stands at 10.75%. The September statement cited headline inflation of 4.4%, fuel prices rising again, and a deliberately more restrictive stance to prevent second-round effects. That is the committee's most recent stated position going into November.
What would another 25 basis point hike cost your bond?
If the committee repeats September's move on 19 November 2026, prime would go to about 11.00%. bond.co.za's calculation, at a 20-year term and prime with no margin:
| Bond size | At 10.75% (today) | At 11.00% (+25bp) | Difference / month |
|---|---|---|---|
| R 1 000 000 | R 10 152 | R 10 322 | +R 170 |
| R 1 500 000 | R 15 228 | R 15 483 | +R 254 |
| R 2 000 000 | R 20 305 | R 20 644 | +R 339 |
In the other direction, a 25 basis point cut would take prime to about 10.50% and save about R 253 a month on a R1.5 million bond. These are estimates — your actual rate may be prime plus or minus a margin depending on your bank, deposit and credit profile. To run both scenarios at your own numbers, use the bond repayment calculator or the rate increase impact calculator.
Why the November decision could genuinely go either way
The case against another hike is that the Bank has already moved to a restrictive stance — the work September's statement said it wanted done — and each hike lands on households that have absorbed two increases this year. The case for one is that the committee's own September language (inflation risks, second-round effects) is the language of a committee still watching prices, and the most prominent external call — Bank of America's September view of two 25 basis point hikes in 2026 — has one hike still outstanding. The honest reading: the SARB publishes no rate path, the MPC decides meeting by meeting on the data in front of it, and no direction is guaranteed. This article is not a forecast. For the published paths in full, see our interest rate forecast for South Africa and our explainer on the Bank of America rate call.
How would a higher repo rate affect your home loan application?
Banks size a home loan against the instalment, not the purchase price — under the National Credit Act the general rule of thumb is that the repayment should not exceed about 30% of your gross monthly income. Every 25 basis point rise shrinks the bond the same income can carry, so the practical cost of a November hike lands on buyers applying afterwards. If you are buying in the next few months, getting pre-approved before the decision shows you what you qualify for at today's 10.75% — and what a move would do to it.
(Last updated 13 October 2026. Rate figures verified against the SARB September 2026 MPC statement 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.)