Standard Bank said its prime and home loan base lending rates would decrease from 17 to 15,5% from today.
"These rate changes apply to new and existing clients".
Nedbank, Old Mutual Bank and Peoples Bank, as well as First National Bank and Absa, announced a similar decrease.
Their new overdraft rate and the rate on new home loans would be effective from today, while the new mortgage rate on existing home loans would come into effect from Tuesday, the banks said.
FNB chief executive Wendy Lucas-Bull said the reduction would mean a monthly saving of R150 for a person with a home loan of R100 000. - Sapa.
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