Yes
– You CAN Get That Elusive Home Loan In 2012
It seems as if the light is shining at the
end of the proverbial tunnel for those that need to buy homes and need bonds in
order to do so. According to Standard Bank, the largest player in the home
loans field, it is still possible to get that loan that you need.
Pravin
Gordhan will soon put us in the picture with his
much-awaited 2012 budget speech, and
this, too will have an all-important impact on the lending and housing market
in SA in 2012.
Here are a couple of practical points to
take into consideration prior to approaching your bank for that all-important
loan:
·
Do a little research on the
area.
·
Find out exactly what kind of
condition the house is in.
·
Do some research into your
credit history; this is easily available online and you can make any necessary
adjustments if errors appear on your credit report. Compare these reports from
the three largest credit bureaus in SA.
·
Armed with this kind of
knowledge you will always have the upper hand.
·
Did you know that there are a
high percentage of errors that occur on credit reports? These should always be
checked on a regular basis so that your credit report is in a healthy state.
·
Ask a professional estate agent
to assist in getting a comparable price list of the homes in the area; they
have access to graphs and information that is pertinent to this.
·
Obviously, you will have to be
able to afford the property; affordability is the key in this exercise.
·
If you are concerned that the
budget will affect your already tight purse strings, it might be best to wait
for after Pravin Gordhan has
delivered his SA budget speech, and
only then approach your bank for a loan.
·
You might feel that the budget
does not really affect you in your everyday life; but if it is more taxes we
have to pay, higher interest rates on our borrowed money, more to fork out on
that glass of wine or packet of cigarettes, then it is wisest to hold on a
little longer before signing for that much-desired property you already have
your eye on.
·
Put money aside when buying
your home; there are always costs that are hidden.
·
100% bonds are not common, so
ensure that there is sufficient for transfer duties, deposits and anything else
pertaining to buying your property.
·
Remember to add in attorneys’
fees and registration costs, too.
·
Hidden expenses need to be
addressed, as you will always find there is a lot to be spent on added extras
such as electricity deposits and beefing up security.
·
Don’t forget to build in your
home insurance, too.
If you feel you might be a little too tight
it is a good idea to wait and see what the 2012
budget speech will do for (or against) our borrowed monies from banking
institutions; it is always bet to make these important decisions through
careful planning.
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