SA Home Buyers reaching limits

Property News: Buying and Selling The affordability of most home buyers are reaching their limits following the recent interest rate hike. And with fears of further rate hikes due later this year the number of SA home buyers are dropping fast. Findings have shown that the average South African saves just 0.2% of his disposable income and spends the remainder on servicing debt and paying for consumables and services. While a debt-to-income ratio of nearly 70% will still be sustainable …

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Time to Fix your Home Loan Rate?

HOME LOAN TIPS: To fix or not to fix Following the recent prime interest rate hike of 0.5% announced by the reserve bank, the question of whether to fix your homeloan interest rate is again being debated. Industry experts seem divided on whether fixing your rate at this point would be the wiser option. Although an increase of 0.5% would not have created many problems for most homeowners, economists fear that if interest rates are increased further many homeowners would …

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FNB Home Loans to refund Saambou clients

Home Loans News: FNB, Saambou FNB have agreed to refund 50 000 former Saambou clients about R154 million for interest charged on their home loans. According to reports the FNB announced that it will refund those clients who were charged too much interest on the home loans prior to FNB’s acquisition of Saambou’s home loan book in 2002. Saambou collapsed in 2002 after investors lost faith in the bank and witdrew their deposits, sparking a run on the bank. Read …

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Are Home Loan Originators Finding You the Best Deal?

SA Home Loans News: SA Home Loans is currently the only non-bank provider of Home Loans in South Africa. The company is also the only mortgage provider that does not have any agreements with Mortgage Originators. SA Home Loans Chief Executive, Kevin Penwarden, has questioned how Bond Originators can claim that they find you the best deal if originators do not include SAHL on their panel of home loan providers. Although most originators have contracts with the four biggest banks …

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Home Loans – Warning Against Mortgage Application Fees

Home Loan News: Nedbank have recently issued a warning to consumers about being forced to pay home loan application fees to a third party such as an Estate Agency, Broker or Mortgage Originator. Nedbank generally regards most intermediaries, such as originators, estate agents and brokers, as valued business partners who are authorised to negotiate with banks on behalf of home loan applicants. Although, the Bank has become aware that some operators are engaging in practices that are not in consumers’ …

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Mortgages – Finding your way to a Home Loan

It’s critical that you understand the ins and outs of home loans and prepare for the costs involved, since for most people a home loan is their biggest investment and also their biggest debt. Getting your Home Loan The number of SA Home Loan providers are increasing which means it’s becoming easier to find mortgage finance for your home. But, before you’re granted a home loan, every bank will have to consider your credit record and your ability to repay …

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Get cash back on your homeloan

Save on your Bond Costs – here’s how: Bond Originators have helped to create a homeloans market in which banks and other SA Mortgage providers are forced to compete for your business. This competition among the banks has meant that homeloans are now easier to secure and it has contributed to the dramatic drop in mortgage costs in South Africa. Banks are now more likely to offer you a below prime interest rate on your bond – often as much …

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