Purchasing your dream property can be overwhelming, find answers to common questions here. This section provides straightforward information to help you quickly resolve questions and better understand our services.
Pre-approval actually speeds up the homebuying process: it gives you an accurate measure of your purchasing power, so you can narrow down your hunt to the properties you can actually afford to buy. And this will also prevent you from buying way beyond your budget, pushing you into unmanageable debt.
Sectional title speaks to complex living, where you essentially own everything within the four walls of your property, but whatever is outside that – hallways, lifts, gardens and recreational spaces – is communally owned and cared for. With freehold titles, in contrast, you’re the queen or king of your complete kingdom – house, out-buildings, land and leisure areas.
Nothing, the pre-approval is free.
The transfer duty is a government tax (the higher amount you pay on a property, the higher your transfer duty).
The transfer cost is a once-off fee you pay the transferring or conveyancing attorney. This fee covers their cost of registering you as the owner of the property with the Deeds Office.
A fixed interest rate remains a constant percentage over the bond term and isn’t affected by the fluctuation of the repo rate or the prime lending rate. A variable interest rate is based on the prime lending rate. This percentage fluctuates based on the repo rate that the South African Reserve Bank determines.
Our home loan calculator deducts your monthly expenses from your monthly income. This gives an indication of how much money you can spend on a home loan repayment monthly.
FLISP is a government subsidy that helps first-time homebuyers in South Africa afford a home. It gives a once-off payment that reduces the size of your home loan. To qualify, you must be a South African citizen over 18, buying your first home, and have people who depend on you financially. The money can be used as a deposit, to pay transfer and bond registration costs, or to make monthly installments smaller. You can apply through the NHFC, provincial Human Settlements offices, or certain banks. A recent change makes it easier – you no longer need to have a home loan approved before applying.
* The figures provided in this calculator are estimates for your convenience. Results are based on your input and assumptions.
Monthly repayment and affordability is subject to a full pre-qualification with one of our consultants.
