Surge in home buyers using unsecured credit for down payments | Business

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The steep interest rate hiking cycle by the SA Reserve Bank and elevated inflation have eroded affordability, making it difficult for buyers to save enough for a down payment on a home - and more are turning to unsecured lending as a source.

For instance, even if you buy a home for R1 million, which incurs no transfer fees, you are looking at additional costs of around R14 000 for legal fees and other related costs. Banks will only lend money or approve bonds if buyers can afford the associated costs.

Although BetterBond cannot comment on unsecured lending among first-time buyers, CEO Carl Coetzee says it is a misperception that first-time buyers can only buy a home if they have a deposit. Buying for a purchase price of less than R1 million will save first-time buyers from paying costly transfer duties. Those with a household income of between R3 501 and R22 000 could also qualify for a Finance Linked Individual Subsidy Programme , depending on the make-up of their household and their circumstances.

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 /  🏆 4. in KR
 

귀하의 의견에 감사드립니다. 귀하의 의견은 검토 후 게시됩니다.

MbuyiseniNdlozi That is exactly the point. Erode savings of the Black masses. Nogqawuse2.0

Why buy, why want fixed assets in SA? Value is hardly going to appreciated. Rent someone else's bad decisions.

Inflation is worse than covid

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Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.

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출처: SundayTimesZA - 🏆 47. / 51 더 많은 것을 읽으십시오 »