For instance, consumers with a home loan of R1 million will now pay roughly R166 less a month, or almost R40 000 less over the 20-year loan period.
While it may be tempting to spend the extra disposable income on a few luxuries, such as takeaway coffees or a dinner out, this money can rather be used to make a difference to your future financial health.
This cut is an ideal opportunity to re-evaluate financial goals and take control of your money. By following a focused plan that puts the money to good use each month, you can really help your future self live better.
Three top tips to take advantage of the repo rate drop: