Latest news with #6m
The Citizen
30-05-2025
- Business
- The Citizen
Rate cut another boost for rising property market
With the inflation rate still below 3% and the Rand stronger against the US Dollar, the Monetary Policy Committee of the Reserve Bank has decided to lower the repo rate by 0,25% to 7,25%. This is the fourth interest rate cut since September 2024 and will take the prime rate and home loan 'base rate' to 10,75%, compared to 11,75% a year ago, notes Berry Everitt, CEO of the Chas Everitt International property group, and will cut the cost of borrowing by around R17 per R100 000. 'This means that on the R1,6m average home price noted in the May BetterBond Property Brief, the minimum monthly bond repayment will drop by R272, making it easier for prospective buyers to qualify for new home loans. 'And for existing homeowners with 20-year bonds at that level, their monthly repayments will now be almost R1100 lower than at this time last year.' The news for first-time buyers is even better, he says, with the minimum monthly repayment on the average first-time buyer home price of R1,28m dropping by R218 and the gross monthly income required to qualify for a 20-year loan of that amount falling by more than R700. 'In addition, the banks have been easing deposit requirements in recent months and the average deposit for first-time buyers is currently almost 9% lower, at R175 000, than it was at this time last year. Coming on top of the Budget decisions to raise the Transfer Duty threshold to R1,2m and not to raise VAT, this means that first-time buyers now require a lot less cash to become homeowners.' Everitt says this is already being reflected in the market, with BetterBond recording a 2,2% year-on-year increase in home loan applications in April, 'which represents a huge comeback from the 15% year-on-year decline recorded in April 2024'. Today's MPC decision follows news released by StatsSA that the inflation rate in April was 2,8%, still under the Bank's current target range of 3 to 6%, despite large electricity tariff increases and higher food prices in recent months. Reserve Bank governor Lesetja Kganyago noted that inflation was also expected to remain lower than initially expected this year largely due to lower oil prices, a stronger Rand/dollar exchange rate and the decision not to raise VAT. On the other hand, economic growth projections are lower and unemployment is higher worldwide, so there is a need to lower rates to stimulate spending, company revenues and employment. Many other central banks have already cut rates in response to this situation, and the US Federal Reserve is also expected to start doing so at its next meeting. Issued by Chas Everitt International
Zawya
26-03-2025
- Business
- Zawya
Telkom steps into South Africa's booming MVNO market
Telkom has entered South Africa's mobile virtual network operator (MVNO) market through a partnership with a mobile virtual network enabler (MVNE) platform provider. Lunga Siyo, Telkom CEO, consumer and small business | image supplied Signing the MVNE platform agreement will enable Telkom to meet Icasa's requirements, which require mobile network operators to support at least three Black-owned MVNOs as part of their spectrum licence conditions. South Africa's MVNO market is expanding rapidly, with banks, insurance firms, and major retailers driving competition in the sector. The Africa Analysis MVNO Report (February 2024) estimates the market's potential revenue at R83,6m, highlighting strong growth prospects. "Since the sector's inception in 2006, it has experienced steady growth, with subscriber numbers increasing by 51% year-on-year by the end of 2023, reaching 4.3 million users. "This growth is driven by consumer affinity, particularly to financial services providers, retailers, and niche brands. These businesses seek to create unique branded mobile products and services, develop new value propositions and value-added services to enhance customer engagement for their own customers." 'The MVNO market is an exciting space, and we are eager to bring our network capabilities and infrastructure to enable and support new entrants,' said Lunga Siyo, Telkom CEO, Consumer and Small Business. Call for potential MVNO partners Telkom is inviting brands interested in launching MVNOs to explore partnership opportunities. They will have access to a platform that supports end-to-end customer engagement and management, product design and development, and network integration and technology enablement. Potential partners can expect: - Flexible onboarding: Enablement and support tailored based on customer technology integration preferences and requirements, unique product design and development, enhanced customer experience and support based on their unique customer journeys. - Strong network capabilities: Access to Telkom's high-quality network and roaming partners. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
