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Article taken from IOL Property

Buying a property is a significant milestone in anyone's investment and personal life. It symbolises independence, a commitment to putting down roots in one place and a rite of passage to financial responsibility.

However, there is the question: "Am I ready to purchase a property and accept responsibility for my decision?"

The answer is not as daunting as it may appear. Lending criteria from the banks remain tight as financial institutions take into account the legal ramifications of the National Credit Act and lick their wounds in the wake of the international economic meltdown and recession.

Yet bonds are being granted and, with a little preparation and forethought, people are acquiring their dream properties.

The first step involves studiously saving towards a deposit and some of the other auxiliary costs associated with purchasing a property - transfer duties, attorney's fees, bond registration and moving costs. The banks want to know that the person to whom they are lending capital has also assumed risk in that financial decision.

Simply said, they want to see homeowners put down money towards the property and show a commitment to their investment decision. The higher the deposit, the lower the bank's risk and that will play a role in the interest rate you can secure on the mortgage.

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Conference Facilities

Fully Equipped Beauty Salon

Birdwatching - Close to Bird Hide

Panoramic view of the Berg River

Luxury overnight rooms


All this only 90 minutes from Cape Town

Please contact us for rates and availability - sales@topteam.co.za

Elegant Home.
REF#Elegant

This beautiful double storey is situated a stones throw from the Port Owen Marina on the West Coast. The area is absolutely idyllic and will be a sound investment to make..

Property is fully walled.

Price: R2,950,000.00

For more information please feel free to contact us on sales@topteam.co.za

Article taken from Property Trader

If it is important to home loan borrowers to be able to budget ahead with complete accuracy, it could be a good idea to fix the interest rate on their loan.

However, for most people this is not a wise step to take, says Rob Lawrence, national manager of Rawson Finance, as it could result in them paying a premium of up to 4% more than the current market rate over the one to 10-year periods for which banks usually grant a fixed rate.

“For example, on a loan of more than 80% on a sum above R500 000, Absa might charge as much as 14,2%, as opposed to the current market rate of 10%.

“Although the banks are open to negotiation, this could mean that for anything up to 10 years, the borrower would be paying a premium of up to 4,2%. Looked at another way, interest rates would have to rise by at least 4% within two years for it to become beneficial for the borrower to have a fixed rate.”

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