Home Loan Advice: everything you ask for, you will receive
Previously I explained that the first step to getting a homeloan and owning a new property is to: Find out what it is you really want. Make sure you have a clear picture in your mind of that new house you want to live in.
Once you know what type of house you want and what area that you want to live in, the next step is to calculate what your new house would cost. Check the prices of similar sized properties in that area and ask your private bond consultant to work out what the monthly home loan repayments would be on that loan amount.
For many potential buyers the National Credit Act (NCA) seems like another barrier to owning property in South Africa. This perception can be argued as either true or false.
With a negative point of view youâ€™ll notice that the New Credit Act is forcing banks to think twice before granting any home loan.
But, if you keep thinking negatively youâ€™ll miss the fact that the Banks have changed their credit criteria. This change means that the big four banks: FNB, STANDARD, ABSA and Nedbank no longer have the same qualifying criteria, which ultimately means that if one bank declines your application for home loan â€“ that does not mean you will automatically be declined by the rest of the banks.
Instead, by working together with your private bond originator consultant you now have four different ways of securing the finance you need to buy a new house.
Speak to one of you bond consultant to find out what you need to do to own your new property. Donâ€™t be to concerned about how you are going to afford the property â€“ the solution to that problem comes a little later down the line once you have aligned yourself with wot ever it is you want .
Next Iâ€™ll explain the third step to owning whatever property you desire!