Bank Windhoek announces new interest rates

In response to the 0.25% reduction in the repo rate as announced by the Bank of Namibia on 19 August 2020, Bank Windhoek hereby advises the following reduction of our major lending rates:

• The Prime Lending rate will decrease by 0.25% from 7.75% to 7.50% per annum, effective Saturday, 22    August 2020
  

• The Mortgage Lending rate will decrease by 0.25% from 8.75% to 8.50% per annum, effective Saturday, 22 August 2020
  

“With the Prime rate having fallen by 2.75% since January 2020, the Bank of Namibia is trading off the need to stimulate the economy through growth in loans and advances while simultaneously ensuring savings and investments remain within Namibia," said Claire Hobbs, Chief Treasurer at Bank Windhoek.

“Rates are at historic lows and this provides an ideal opportunity for first time home buyers to enter the market as property prices decline and loan repayments become more affordable," Hobbs concluded.​

For more information, contact our Treasury Department at Tel: +264 61 299 1641