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Open your signed home-loan agreement and your final offer or letter of acceptance. The interest-rate clause in those documents—not a comparison with today’s repo, policy or prime rate—determines what your loan is linked to. Record the exact benchmark wording, the lender’s margin, whether the rate is fixed or variable, and the reset or review rule. If the wording is unclear, ask the lender in writing to identify the benchmark and the controlling clause.
Start with the signed documents
Locate the complete loan agreement, any schedule or annexure containing pricing terms, and the final offer or letter of acceptance. Marketing material, a quotation, a monthly statement and a rate shown on an app may not contain the contractual definition of the benchmark.
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Read the clause that sets the interest rate and any definitions it incorporates. Also check the repayment schedule and later variation notices. Discovery Bank, for example, says its final effective rate appears in its Letter of Acceptance. For any lender, the signed document that states the agreed rate and its formula is the starting point.
Make a note of four items exactly as written:
- The named reference rate or benchmark, including its tenor if one is stated.
- The margin, such as “prime plus 0.5%” or “prime less 1%”.
- Whether the rate is fixed, variable or changes under a specified formula.
- When the rate is reset, reviewed or otherwise becomes effective.
Do not infer the index by dividing your instalment by the outstanding balance or by seeing whether your rate moved after a central-bank announcement. Those observations can be consistent with several pricing formulas.
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What each rate term means
Repo rate and the SARB policy rate
“Repo rate” is the familiar historical name for the South African Reserve Bank’s monetary-policy benchmark. SARB changed its monetary-policy implementation framework in 2022, and current SARB material generally uses “SARB policy rate”. In everyday conversation, borrowers may still call this the repo rate.
Prime has historically been maintained at a spread above the policy rate. That relationship does not make a mortgage priced at prime the same thing as a mortgage contractually linked directly to the policy rate. Your loan can include a lender-set margin above or below its reference rate.
Prime
Prime is a retail lending reference rate. If the contract says “prime”, “prime plus” or “prime less”, it refers to prime—not to the policy rate directly—and the adjustment in the clause determines your rate. “Prime less 1%”, for example, means the contract applies a one-percentage-point discount to the prime rate in the formula; it does not mean the borrower pays the policy rate.
SARB explains that a bank determines an appropriate customer lending rate and may then link that rate to prime. The Banking Association South Africa similarly says banks offer each customer an individual loan rate quoted using prime as a reference. The quoted prime margin is therefore part of your personal pricing, not a universal mortgage spread.
JIBAR
JIBAR—the Johannesburg Interbank Average Rate—is an interbank benchmark, not a Treasury-bill rate. A contract that names JIBAR should state a tenor, such as three months, and explain how the rate is observed and reset. Because the benchmark can reset on scheduled dates, a JIBAR-linked loan may not move on exactly the same day as a prime-linked loan.
Discovery describes historic three-month JIBAR-linked home loans with quarterly resets. It also says offers generated from 15 March 2026 are prime-linked while existing JIBAR loans remain linked for now. That is a lender-specific example, not a rule for every South African mortgage or every legacy contract.
T-bill or Treasury-bill rates
A Treasury bill is a short-term government security. Its yield is conceptually different from both prime and JIBAR. The available evidence does not establish a standard South African retail home-loan convention based on T-bills, but it also does not prove that no lender has ever used one.
If your document explicitly names a Treasury bill, T-bill, a tenor such as 91-day or 182-day, or a Treasury-bill yield, copy the wording exactly. Ask the lender which government-bill series is used, where the rate is obtained, which observation date applies, and how the margin and reset formula work. Do not relabel JIBAR as a T-bill rate.
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A step-by-step check
- Gather the controlling papers. Use the signed home-loan agreement and the final offer or acceptance letter. Include schedules, definitions and later signed amendments.
- Search for the pricing language. In a searchable PDF, look for “reference rate”, “benchmark”, “prime”, “JIBAR”, “Treasury bill”, “T-bill”, “margin”, “fixed”, “variable”, “reset” and “review”. In a paper contract, use the index and read the entire interest clause.
- Read definitions and schedules. A clause may define “prime” or a benchmark elsewhere, specify a tenor, or give a reset date in a repayment schedule. Do not classify the loan from a heading alone.
- Classify an explicit prime formula. “Prime plus” or “prime less” followed by a margin is a prime-linked formula. The margin is part of your contractual rate.
- Classify an explicit JIBAR formula. Record the tenor and every reset date or observation rule. A quarterly schedule is materially different from a rate that changes whenever prime changes.
- Check for a Treasury-bill reference. Look for the exact bill tenor, yield source and adjustment formula. If any of those are missing, treat the wording as a question for the lender rather than guessing.
- Record fixed-period terms. A fixed rate may apply only for an agreed period and then revert to a variable formula. Note the fixed end date and the reversion benchmark.
- Compare the document with notices. Keep rate-change letters and lender messages with the agreement. They may explain a reset under the original clause, but they do not replace the signed terms unless the contract permits a variation.
How to tell what your wording means
| Wording found in the contract | What it indicates | What to record |
|---|---|---|
| “Prime + [margin]” or “prime − [margin]” | Prime-linked pricing | The margin, effective date and any conditions attached to the margin |
| “JIBAR” with a stated tenor | An interbank benchmark with a specified observation and reset method | Tenor, observation date, reset frequency and adjustment |
| “Treasury bill”, “T-bill” or a named bill tenor | An express Treasury-bill reference that requires lender confirmation | Bill series, tenor, data source, observation date and margin |
| “Fixed” for a stated period | A fixed-rate term, usually followed by a contractual reversion rule | Fixed end date and the rate formula after reversion |
| Only a numerical interest rate, with no benchmark formula | The document does not, from that phrase alone, identify the index | Ask the lender to identify the reference clause in writing |
Fixed, variable and reset timing
Fixed periods
A fixed rate holds for the agreed term. A fixed offer therefore cannot be evaluated only by asking whether it is “linked to repo” today; the important questions are how long the fixed period lasts and what formula applies afterward.
Absa describes a variable product that tracks prime and fixed options of 12, 24, 36, 48 or 60 months, after which the loan reverts to variable. Those periods illustrate why the reversion clause must be read in the individual offer. Another lender’s periods or formula may differ.
Variable prime-linked loans
A variable loan that tracks prime can change when the lender changes prime. Your actual rate remains prime plus or minus the contractual margin. A policy-rate announcement can influence the sequence of rates, but it does not erase the margin or turn the contract into a direct policy-rate loan.
JIBAR reset loans
For a JIBAR loan, identify the scheduled reset dates and the applicable tenor. The rate may change at those contractual intervals rather than every time a bank announces a prime adjustment. Use the agreement’s observation and rounding rules when checking a notice.
Questions to send your lender
Send a written request through the lender’s secure message channel, email address or branch process, and save the reply with your agreement. Use this wording:
“Which benchmark is my contractual home-loan interest rate linked to? What margin applies? Is the current rate fixed or variable? When and how is the benchmark reset? Which clause and signed document govern the rate? If the benchmark is a Treasury bill, please identify the bill series and tenor, data source, observation date and adjustment formula.”
Ask the lender to quote the clause number and document title, not merely to state that the loan is “market linked”. If the answer conflicts with the signed offer, request an explanation of the variation and the date on which it took effect.
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Do not compare only the headline percentage. Put the following fields next to each other:
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| Comparison field | Why it matters |
|---|---|
| Benchmark name | Prime, JIBAR and a Treasury-bill yield respond to different market mechanisms. |
| Tenor | A benchmark tenor, such as three-month JIBAR or a named bill tenor, affects the observation used. |
| Margin above or below the benchmark | The margin is the customer-specific adjustment that produces the contractual rate. |
| Reset frequency and effective date | These determine when a change reaches your account. |
| Fixed period and reversion formula | A low fixed rate can later move to a different variable formula. |
| Conditions or discounts | Some products apply conditions or a recalculated discount to the effective rate. |
Discovery says its effective rate reflects a contracted rate less a monthly recalculated discount. Treat that as a feature of that product, not a universal way of calculating home-loan rates.
South Africa’s 2026 benchmark transition
On 16 February 2026, SARB issued a consultation paper proposing cessation of the prime lending rate and designation of the SARB policy rate as a replacement for prime-linked financial contracts. The paper describes a transition expected after JIBAR cessation, with fallback language, safe-harbour provisions for legacy contracts and stakeholder engagement.
This is a proposal and transition programme, not proof that every mortgage has already changed benchmarks. Check your lender’s notices and your signed contract. A notice may explain a replacement benchmark or fallback, but you should verify the effective date and the clause that authorises it.
SARB’s consultation paper states: “While banks may quote lending rates using prime rate terms, this does not mean that the PLR constitutes the baseline for loan pricing or negotiation.” That distinction is why a borrower’s margin and the contract’s formula remain essential even during a benchmark transition.
The same consultation includes a dated figure of more than R77 billion in mortgages priced using JIBAR as at 31 December 2025. That is a market total, not the proportion of all mortgages and not evidence about any individual borrower’s contract.
Market rates are time-sensitive. A rate page showing figures effective on 25 September 2026, for example, is a dated snapshot and should not be treated as a permanent repo or prime value. The document-identification method remains valid even when published rates change.
Keep a one-page rate record
Once you locate the clause, create a short record and attach the relevant pages. Write the benchmark exactly as the lender does, including capitalisation and tenor; the margin with its plus or minus sign; the rate type; the observation date; the reset or review frequency; the effective date; and the clause number and document title. Add the date you received any lender confirmation and save the original message or letter.
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This record helps distinguish a genuine contractual change from a statement that merely shows a different instalment. It also makes comparisons easier when a fixed period expires or a lender sends a benchmark-transition notice. Do not overwrite the old formula: keep the original wording, subsequent notices and any signed variation in date order.
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Common mistakes and how to correct them
Calling every floating loan “repo-linked”
Many retail loans use prime as the reference. Because prime has a historical relationship with the policy rate, borrowers sometimes describe the loan as repo-linked. Use the contract’s exact term instead: prime-linked, JIBAR-linked, Treasury-bill-linked or another named formula.
Assuming prime means the borrower pays prime
“Prime less 1%” and “prime plus 0.5%” include a margin. Record the sign and number exactly; changing “less” to “plus” reverses the adjustment.
Treating JIBAR as a Treasury-bill yield
JIBAR is an interbank benchmark. A Treasury bill is a government security. If the contract does not name a Treasury bill, do not substitute one because both rates may be discussed as short-term benchmarks.
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Using a current rate to identify an old contract
Two different formulas can produce similar rates at one point in time. The signed clause, definitions, reset rule and written variations are stronger evidence than a snapshot comparison.
Ignoring the fixed-rate expiry
A fixed period can end with a reversion to variable pricing. Put the expiry date in your calendar and obtain the post-fixed formula before the change takes effect.
Accepting an oral explanation
Ask for the benchmark, margin, reset rule and clause in writing. Keep the response, because it may be needed if a later statement or notice appears inconsistent.
What a confirmed answer should contain
After the lender responds, your records should state one complete formula, for example: the named benchmark; its tenor, if any; the margin; whether the rate is fixed or variable; the observation and reset dates; the effective date of a change; and the agreement or acceptance-letter clause that governs it.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesIf the lender cannot reconcile its answer with the signed documents, escalate through its formal complaints process and provide the clause, the lender’s written response and the relevant statement or notice. Keep copies of everything. The aim is not to guess which market rate moved; it is to establish the contractual reference and the rule used to calculate your rate.
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Frequently Asked Questions
How do I know if my home loan is linked to the repo rate?
Check the signed agreement and final offer or acceptance letter for the interest-rate clause. If it says prime plus or minus a margin, it is prime-linked rather than directly policy-rate-linked. The historical relationship between prime and the SARB policy rate does not change the wording of your contract. Ask the lender to confirm the benchmark and clause in writing if the documents are unclear.
What does “prime less 1%” mean?
It means the contractual formula takes the lender’s prime rate and subtracts one percentage point. Your rate is therefore one percentage point below prime, subject to the dates and conditions in the agreement. It does not mean you pay the SARB policy rate or the repo rate, and it does not remove any other contractual terms.
Is JIBAR the same as a T-bill rate?
No. JIBAR is the Johannesburg Interbank Average Rate, an interbank benchmark. A Treasury bill is a short-term government security and its yield is a different reference. If your contract names either one, record the exact tenor, data source and reset rule; do not substitute one benchmark for the other.
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A numerical rate alone does not identify the index. Search the definitions, schedules and acceptance letter for a separate pricing clause. Then ask the lender to identify the reference rate, margin, reset method and controlling clause in writing, and keep the response with the signed documents.
Can a fixed-rate home loan still be linked to a benchmark?
A fixed rate applies for the agreed fixed term, so the immediate question is its end date rather than which rate moves today. Read the reversion clause to see which variable benchmark and margin apply afterward. Fixed periods offered by one lender, such as 12 to 60 months, do not establish the terms of another lender’s product.
Has every South African mortgage already moved from prime or JIBAR to the SARB policy rate?
No such conclusion follows from the 2026 transition proposal. SARB proposed a framework involving replacement arrangements, fallback language and protections for legacy contracts. Check your lender’s notices and your own signed terms for an effective date and authorised clause. Discovery’s treatment of new and existing JIBAR loans is a lender-specific example, not a universal rule.
The Bottom Line
The signed rate clause is the answer. Identify its benchmark, tenor, margin, fixed or variable status, reset dates and reversion terms. Prime is not the same as the SARB policy rate, JIBAR is not a Treasury-bill yield, and a current rate comparison cannot identify an old contract. If the wording is ambiguous, obtain the lender’s clause-specific confirmation in writing and keep it with your loan records.
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