"It is a good time to apply for a home loan"

Its no secret that South Africans have been struggling through tough economic times recently. And whilst we are all watching our pennies, there is indeed light at the end of the tunnel. Reserve Bank Governor Lesetja Kganyago recently announced that repo rate will be left unchanged at 7%, whilst the prime rate and variable home loan rate sits at 10.5%. The decision is good news for both homeowners and buyers alike. Essentially it means that the monthly repayments on a home loan (obtained at an interest rate of 10.5%) will remain unchanged; giving us a bit of comfort through the winter. The associated relief with car instalments, credit cards and other debt repayments will give prospective buyers some breathing space. This also means that it is a good time to apply for a home loan. With that said, we strongly urge prospective buyers to apply for a loan through a reputable mortgage originator. Banks are known to follow very strict credit granting criteria, so the assistance of these companies can often be the difference between bond approval and being shown the red card. To discuss home loans and anything else that relates to properties within gated estates, please give us a call on 031 - 762 3885. Alternatively, pop in to the Smiths offices on the Top Floor of the Cotswold Energy Centre (just before the Cotswold Downs Gatehouse on Inanda Road). Our offices are open from 08h30 16h30 daily. We hope to hear from you soon!