First-time Home Buyers - 100% Home Loans
Posted by ~Ray @ 2007-11-12 01:31:49
Written by admin on September 11th. 2007 in.
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There is an increasing turn in South Africa that is seeing youths entering property market at a much earlier age. These youths are mostly first-time home buyers applying for their first home loan who undergo been renting for a bunco while and feel the need to drop in a property of their own.
It is partly due to this increasing turn in South Africa’s property merchandise that is also causing a higher percentage of 100% home loan applications. These prospective home owners often earns salaries large enough to qualify for home loans but they don’t seem to be able to save enough of that salary to put drink any type of deposit.
And understandably banks are becoming more and more reluctant to issue these 100% home loans. Foreclosures have cost banks millions of rands and it is not a surprise that some economists are calling to the maximum Loan-to-value ratio to be dropped to 80% instead.
This should see a rapid decrease in foreclosures which most often occur from 100% home loans.
Before deciding to buy it is advisable to try and save up a small deposit between R10 000 and R20 000. Displaying the ability to save up a small deposit at least should add weight to your home loan application.
This will also decrease the size of your SA home loan. Remember the hard bring home the bacon and discipline you show by saving a deposit will back up you when you’re paying off your home loan.
To save money on your SA domiciliate give repayments you should pay at least an extra R100 every month and try to pay it before the due date. This dramatically cuts down the interest you’ll pay on your home loan in turn saving your lots of change!
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