You can save thousands by making today’s rate cut work harder for you - here's how

But for many struggling households, this will be their first break after months of hardship due to higher taxes and sky-high fuel prices.On a car loan of R200,000 , you will only save R25 a month. On home loans, however, a rate cut will be noticeable: On the average R2 million home loan at the prime rate, the new rate cut will mean a saving of more than R300 a month.

If you kept your bond payment unchanged – you will pay off your home earlier and save a massive amount in interest. Over the course of twenty years, this will cut your home loan repayment period by a full year. And you will save more than R150,000 in interest.It is simple to arrange – just contact your bank to keep your payment at the current level, says Andrew van der Hoven, head of Standard Bank Home Loans.

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