There was good news for South Africans in debt on Thursday when the SARB's monetary policy committee elected to cut the interest rate.

South Africa's central bank struck a measured tone after its first rate cut in more than four years on Thursday, saying although inflation had fallen faster than expected there were still risks to the outlook.

The interest rate for South Africa has been lowered by 25 basis points. This brings the repo rate to 8% and prime rate to 11,5%.

There was good news for South Africans entering the property market as well as those paying off bonds when the SARB cut the interest rate.

SARB cut its main benchmark rate by a quarter percentage point to 8%.

The South African Reserve Bank will likely lower interest rates by 25 basis points on Thursday, despite a larger-than-expected overnight move by the Federal Reserve as it turns the screws on inflation.