Buying a home is a major milestone, but it’s also one of the biggest financial decisions you’ll ever make. While the purchase price might be R1 million, the real cost of buying a property goes far beyond that number. This article breaks down the true costs of buying a R1 million home in South Africa, so you can budget with confidence and avoid nasty surprises.
In a welcome move for households and businesses alike, the South African Reserve Bank (SARB) has officially reduced the repo rate by 25 basis points on 29 May 2025, lowering it from 7.50% to 7.25%. This decision follows sustained declines in inflation and reflects growing but cautious optimism about South Africa’s economic trajectory for the remainder of the year.
Buying a home is one of the biggest financial decisions you’ll ever make. Naturally, most buyers focus on finding the best interest rate, but there’s more to a smart home loan strategy than just the numbers. Reducing your stress, saving time and getting expert guidance can be just as important as securing a competitive rate.
