There was surprise good news for borrowers this week when the major banks cut lending rates for the second time in less than two weeks.
Standard Bank led the charge, followed by Absa, FNB, the three banks in the Nedcor stable, Nedbank, Permanent Bank, and Peoples Bank and Mercantile Lisbon Bank. All of them cut both their prime overdraft rate (the rate at which the banks lend to their best customers) and their home loan rate from 18 percent to 17,5 percent.
An interest rate cut had been widely predicted, but was expected later in the month.
In most cases the new rates apply from July 14.