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Nelson Mandela Bay to tackle housingThe Nelson Mandela Bay Municipality has developed a housing turnaround strategy in an attempt to tackle its housing backlog. By Vuyolwethu Sangotsha, BuaNewsWhat the rate drop means for buyers, sellers, and homeowners?The latest interest rate drop is giving consumers a bit of breathing room. Find out how has this change affects your plans, to buy, sell or invest in property. SARB cuts repo rate by 25bps, lowering prime to 10.5%The South African Reserve Bank’s Monetary Policy Committee (MPC) announced today that interest rates will drop by 25 basis points, bringing the repo rate to 7% and the prime lending rate to 10.5%, effective from 1 August.