Decorex - Improve your lifestyle!

I know this is a property BLOG but, i thought it would be nice to throw in a little light hearted article on the biggest decorative show South Africa has to offer... After all, it's kinda property related if you think about it!

Anyways, I'm a little late with this article as Decorex Durban has already passed (For those of you who were lucky enough to go, share your comments with us please!). However, Decorex Cape Town starts on the 26th April 2007 and Decorex Johannesburg starts on the 8th August 2007 (Yeah we're always last dammit).

So if you're keen on the latest and greatest decorative fashion styles for your new loft apartment, or you just love shows, go on down to Decorex, it's going to be huge!

South African Interest Rates! Hike or Not...

Well.. I'm glad to say that I don't have to bitch and moan in this post :)

I had an entire article thought out in my head waiting for that little speech on the interest rake hike. Trust me, if that interest rate changed again for the umpteenth time in the last 12 months I was ready to grind every living politician and credit bureau in this country. I'm also sure those of you with home loans sitting over R2 Million had their speed dials ready to contact their banks or bond originators ;-), while others, yes you Cape Tonians, were not too perturbed.

I'm very pleased to say though that good old Mr Tito Mboweni (South Africa's governor of the reserve bank), has decided that our interest rate will remain unchanged. According to news reports earlier in the week, most South African reporters seemed extremely sceptical and rightly so about whether or not interest rates would rise, but it seems we're OK for now.

We may be looking at another hike in the not too distant future though. For more information check out Moneyweb's reports on "South African Interest Rates remain unchanged"

Nedbank Home Loans - First Time Buyer

As a first time buyer of a property you qualify (provided you meet certain criteria) for something that's called a first time buyers loan. I'm kind of hoping that posting this sort of information online is not going to get me into crap as I'm not sure Nedbank give this out as public knowledge but I think it's essential knowledge so I couldn't give a crap.

Now Nedbank have something called the "ALPHA BOND". It's basically what we know as a first time loan and here are the requirements that Nedbank have specified in order for an individual to qualify:

1. Min R100 000 loan. There is a maximum limit of R2 000 000.
2. Trusts, CC's and companies can receive up to a 108% loan. The 8% portion covers your registration costs etc...
3. You must have had stable employment for a minimum of 2 years
4. You must have a clear credit record. No bad debt
5. You must be a South African citizen
6. Single or joint income per month must be a minimum of R5000
7. Commission earners require 12 months with the same employee and 6 months commission statements
8. You can get either a variable rate or 1, 2 and 5 year fixed rate contracts

Hope this helps a little. Stay tuned for this weeks Buy-2-Let and Building Loan reviews from Nedbank Home Loans...

WizardMan Out!

Nedbank Home Loans!

This is the first of my new TIP and TRICKS guide to people looking for a home loan. I'm going to split them up into 4 sections: ABSA, Nedbank, FNB and Standard Bank. Believe it these people are as complicated as you think they are so I'm going to try and makes things a little more simple for us!

Today we'll start with Nedbank. Allot of people get confused with regards to bonuses, car allowances and extras and whether or not this gets added to your home loan application as additional income... Well here's some Nedbank Home Loan advice.

BONUSES & LOANS
With regards to annual/monthly bonuses. If a bonus is paid to you monthly, it may be included as income(You will however need to provide 6 months worth of salary slips). If it's paid to you once a year as a 13th cheque, it may not be added as monthly income. If it's a performance bonus, 50% will be seen as income.

EXTRA'S & LOANS
If you have a car allowance the full amount is to be added to the income when applying for your loan.

If you earn on a commission basis, the average amount is to be worked out and 50% of that will be added as income.

If you have a entertainment allowance and it's a permanent benefit, the full amount may be added to your income.

If you work overtime, the average amount is to be worked out and 50% will be added to your income.

Should you have a rental income, i.e. you're earning money from a place that you're renting out, 40% of the rental value is added as income. This needs to be proven with a copy of the lease agreement.

The Adventures of Rick and Jimbo (Chapter 4)

So Jimbo, now that you have purchased your Stand on Raptors View Wildlife Estate, when are you planning to build your house?

Well Rick, my Architect Robin, from Intersect Architects(+27 82 804 9787), has come up with quite an amazing layout for our house, we’re just finalizing the finer details now.


Great, but stuck out in the middle of nowhere, who the heck are you going to get to build it for you?

As I mentioned before Rick, we’re not in the middle of nowhere, and anyway, there’s this guy by the name of Peter from Houze-It Construction(+27 83 276 3199), who builds amazing homes at affordable prices, he is providing me with a quote for the house next week.

Cool Jimbo, but is there anyone who controls the quality and building standards of the houses that are built on Raptors View?

Absolutely Rick, there is this guy who actually used to be a Constable and is extremely able at carrying out this task...

Oh okay, what’s his name Jimbo?

Do the math Rick, do the math...

Compliments of Jordan Properties
Click here for Chapter 1, Chapter 2 and Chapter 3 of Rick and Jimbo's adventures!