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OOBA HOME LOANS
The bond process can be very daunting and stressful, so when I applied to ooba Home Loans for finance, I expected it to be a lot more arduous than it has been. It has been the exact opposite because of ooba’s amazing service. They are informative, patient and extremely helpful. They want the absolute best for their clients because they really SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW South African property market in 2021. The 2020 property market benefitted from pent-up demand. 2021 is not expected to experience the same major resurgence, but it will still benefit from the work-from-home lifestyle that defined 2020. The demand for larger homes is believed to have its roots in the desire for a morecomfortable working
TRANSFER COST CALCULATOR * This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities, e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchaseprice
BOND REPAYMENT CALCULATOR Repayment Calculator. Insert the price of the property you wish to purchase and we will calculate how much your total monthly repayment amount will be. Purchase price (including VAT) *. Please enter a number from R 100,000 to R 125,000,000. Years to repay *. HOW TO USE YOUR EXISTING PROPERTY TO BUY ANOTHER If you sell your existing home, you can use the equity from your existing home to fund the deposit on the new home, granting you a higher chance of bond approval, and a more favourable interest rate. Or, you can rent out your existing home and use the income to pay off the bond on the new home. Purchasing a home is often seen as along-term
5 WAYS TO PAY OFF YOUR HOME LOAN FASTER 2. Pay extra into your bond. Consistently adding just R1 000 to your monthly bond payment can make a big difference, Dyer explains. “Let’s say you buy a house for R2 million and put down a R500 000 deposit. So you have a R1.5 million bond at an interest rate of 7%. That gives a monthly payment of R11 629 over 20 years. THE COST OF SELLING A HOUSE IN SOUTH AFRICA 1. Bond cancellation. Among the legal costs for selling a home in South Africa is the cost of bond cancellation, which is carried out by the bond attorney appointed by the bank. Some costs attached to the bond cancellation process for sellers include: A penalty fee if you failed to provide 90 days’ written notice to the bank of yourintention
ALL YOUR QUESTIONS ABOUT ESTATE AGENTS' COMMISSION ANSWERED Article summary. The estate agent is paid a commission by the seller of the home, which amounts to a percentage of the home sale. The standard estate agent commission rate in South Africa is 7.5%, but this can be negotiated. Estate agencies take a lot of risk onto themselves, as they invest a lot in marketing but are only paid if thehome is sold.
FIRST-TIME HOME BUYERS GRANT FOR SOUTH AFRICANSSEE MORE ON OOBA.CO.ZA THE FACTORS THAT INFLUENCE PROPERTY PRICES IN SOUTH AFRICA There are few better indicators of the health of a nation’s economy than the property market. After all, it was the deflation of the UShousing bubble
OOBA HOME LOANS
The bond process can be very daunting and stressful, so when I applied to ooba Home Loans for finance, I expected it to be a lot more arduous than it has been. It has been the exact opposite because of ooba’s amazing service. They are informative, patient and extremely helpful. They want the absolute best for their clients because they really SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW South African property market in 2021. The 2020 property market benefitted from pent-up demand. 2021 is not expected to experience the same major resurgence, but it will still benefit from the work-from-home lifestyle that defined 2020. The demand for larger homes is believed to have its roots in the desire for a morecomfortable working
TRANSFER COST CALCULATOR * This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities, e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchaseprice
BOND REPAYMENT CALCULATOR Repayment Calculator. Insert the price of the property you wish to purchase and we will calculate how much your total monthly repayment amount will be. Purchase price (including VAT) *. Please enter a number from R 100,000 to R 125,000,000. Years to repay *. HOW TO USE YOUR EXISTING PROPERTY TO BUY ANOTHER If you sell your existing home, you can use the equity from your existing home to fund the deposit on the new home, granting you a higher chance of bond approval, and a more favourable interest rate. Or, you can rent out your existing home and use the income to pay off the bond on the new home. Purchasing a home is often seen as along-term
5 WAYS TO PAY OFF YOUR HOME LOAN FASTER 2. Pay extra into your bond. Consistently adding just R1 000 to your monthly bond payment can make a big difference, Dyer explains. “Let’s say you buy a house for R2 million and put down a R500 000 deposit. So you have a R1.5 million bond at an interest rate of 7%. That gives a monthly payment of R11 629 over 20 years. THE COST OF SELLING A HOUSE IN SOUTH AFRICA 1. Bond cancellation. Among the legal costs for selling a home in South Africa is the cost of bond cancellation, which is carried out by the bond attorney appointed by the bank. Some costs attached to the bond cancellation process for sellers include: A penalty fee if you failed to provide 90 days’ written notice to the bank of yourintention
ALL YOUR QUESTIONS ABOUT ESTATE AGENTS' COMMISSION ANSWERED Article summary. The estate agent is paid a commission by the seller of the home, which amounts to a percentage of the home sale. The standard estate agent commission rate in South Africa is 7.5%, but this can be negotiated. Estate agencies take a lot of risk onto themselves, as they invest a lot in marketing but are only paid if thehome is sold.
FIRST-TIME HOME BUYERS GRANT FOR SOUTH AFRICANSSEE MORE ON OOBA.CO.ZA THE FACTORS THAT INFLUENCE PROPERTY PRICES IN SOUTH AFRICA There are few better indicators of the health of a nation’s economy than the property market. After all, it was the deflation of the UShousing bubble
THE HOME LOAN APPLICATION PROCESS IN SOUTH AFRICA Article summary. Obtaining a home loan is the most important step in the home buying process. Getting prequalified can help by giving you a solid idea of what you can afford, which will improve your chances ofapproval.
HOW TO QUALIFY FOR A SECOND HOME LOAN So take the following into account before applying for a second home loan, if you plan to use the property to generate rental income: The average rent of other properties in the area, which will help you determine your likely rental income. The chance that the property will be occupied on a regular basis. The cost of hiring an agent to manage HOUSE AUCTIONS IN SA: EVERYTHING YOU NEED TO KNOW 1. Ensure you can finance the purchase. When you bid at property auctions, you must be confident that you will qualify for a home loan (unless it’s a cash deal and you don’t need a bond) because you can’t afford to default on the sale. If you can’t come TRANSFER DUTY IN SOUTH AFRICA: EVERYTHING YOU NEED TO KNOW According to the Transfer Duty Act, property transfer duty is a tax payable by buyers of all types of properties and is owed over and above the selling price.. Rhys Dyer, CEO of ooba Home Loans, South Africa’s largest home loan comparison service, explains that transfer duty should not be confused with transfer costs, which include all the expenses associated with a property transfer. THE BEST PROPERTY INVESTMENTS IN SOUTH AFRICA RIGHT NOW Size: from 44sqm. Price: from R1.1 million for one-bedroom, one-bathroom apartment to R4.9 million for a three-bedroom, three-bathroom penthouse. Apartments: lock-up-and-go benefits, 24-hour security, Bosch fridge, freezer, gas hob, electric oven, convection hood, dishwasher, washing machine and quality finishes as well as Hansgrohe fittings. Amenities: three basement levels of RENT TO OWN PROPERTIES: HOW DOES IT WORK IN SOUTH Article summary. Rent-to-own is a leasing arrangement that provides for the rental of a property for an agreed period, at the end of which, the renter has the option to buy. Especially appealing for young buyers who are unable to qualify for a bond in the traditional way, rent to own provides a window of time in which to build up both adeposit
FIRST-TIME HOME BUYERS GRANT FOR SOUTH AFRICANS Article summary. FLISP is a government programme that grants a subsidy to first-time homebuyers earning between R3,501 and R 22,000 a month. However, the homebuyer must first qualify for a home loan, and must be either married, cohabiting or single with at least one dependant. THE COST OF RENOVATING A KITCHEN IN SOUTH AFRICA Small kitchen remodel: R10,000 – R150,000. Mid-range kitchen remodel: R150 000 – R250 000. High-end kitchen remodel: R250 000+. Essential Kitchens, a Cape Town-based kitchen renovations company, further breaks it down into an individual cost for each feature of the kitchen: Kitchen cupboards: R75 000. Building work: R55 000. YOUR BOND HAS BEEN ACCEPTED. WHAT HAPPENS NEXT? Step 4: The bond attorney informs the transferring attorney of the amount available for guarantees and requests the draft deed of transfer and guarantee requirements. Step 5: The cancellation attorney is asked to cancel the seller’s bond upon receipt of a guarantee for the amount owing. Step 6: The transferring attorney receives the title TRANSFERRING PROPERTY TO A FAMILY MEMBER IN SOUTH AFRICA Donations tax. If the property is donated to the child or family member, donations tax of 20% is payable by the parent or donor to SARS on the value of the property. Every person is entitled to an annual exemption of R100,000 in respect of donations tax. The first R100,000 of the value of the property will therefore be exempt from donationstax
OOBA HOME LOANS
The bond process can be very daunting and stressful, so when I applied to ooba Home Loans for finance, I expected it to be a lot more arduous than it has been. It has been the exact opposite because of ooba’s amazing service. They are informative, patient and extremely helpful. They want the absolute best for their clients because they really HOW TO USE YOUR EXISTING PROPERTY TO BUY ANOTHER If you sell your existing home, you can use the equity from your existing home to fund the deposit on the new home, granting you a higher chance of bond approval, and a more favourable interest rate. Or, you can rent out your existing home and use the income to pay off the bond on the new home. Purchasing a home is often seen as along-term
TRANSFER COST CALCULATOR * This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities, e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchaseprice
SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW South African property market in 2021. The 2020 property market benefitted from pent-up demand. 2021 is not expected to experience the same major resurgence, but it will still benefit from the work-from-home lifestyle that defined 2020. The demand for larger homes is believed to have its roots in the desire for a morecomfortable working
HOW TO QUALIFY FOR A SECOND HOME LOAN So take the following into account before applying for a second home loan, if you plan to use the property to generate rental income: The average rent of other properties in the area, which will help you determine your likely rental income. The chance that the property will be occupied on a regular basis. The cost of hiring an agent to manage BOND REPAYMENT CALCULATOR Repayment Calculator. Insert the price of the property you wish to purchase and we will calculate how much your total monthly repayment amount will be. Purchase price (including VAT) *. Please enter a number from R 100,000 to R 125,000,000. Years to repay *. 5 WAYS TO PAY OFF YOUR HOME LOAN FASTER 2. Pay extra into your bond. Consistently adding just R1 000 to your monthly bond payment can make a big difference, Dyer explains. “Let’s say you buy a house for R2 million and put down a R500 000 deposit. So you have a R1.5 million bond at an interest rate of 7%. That gives a monthly payment of R11 629 over 20 years.OOBA HOME LOANS
The bond process can be very daunting and stressful, so when I applied to ooba Home Loans for finance, I expected it to be a lot more arduous than it has been. It has been the exact opposite because of ooba’s amazing service. They are informative, patient and extremely helpful. They want the absolute best for their clients because they really HOW TO USE YOUR EXISTING PROPERTY TO BUY ANOTHER If you sell your existing home, you can use the equity from your existing home to fund the deposit on the new home, granting you a higher chance of bond approval, and a more favourable interest rate. Or, you can rent out your existing home and use the income to pay off the bond on the new home. Purchasing a home is often seen as along-term
TRANSFER COST CALCULATOR * This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities, e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchaseprice
SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW South African property market in 2021. The 2020 property market benefitted from pent-up demand. 2021 is not expected to experience the same major resurgence, but it will still benefit from the work-from-home lifestyle that defined 2020. The demand for larger homes is believed to have its roots in the desire for a morecomfortable working
HOW TO QUALIFY FOR A SECOND HOME LOAN So take the following into account before applying for a second home loan, if you plan to use the property to generate rental income: The average rent of other properties in the area, which will help you determine your likely rental income. The chance that the property will be occupied on a regular basis. The cost of hiring an agent to manage BOND REPAYMENT CALCULATOR Repayment Calculator. Insert the price of the property you wish to purchase and we will calculate how much your total monthly repayment amount will be. Purchase price (including VAT) *. Please enter a number from R 100,000 to R 125,000,000. Years to repay *. 5 WAYS TO PAY OFF YOUR HOME LOAN FASTER 2. Pay extra into your bond. Consistently adding just R1 000 to your monthly bond payment can make a big difference, Dyer explains. “Let’s say you buy a house for R2 million and put down a R500 000 deposit. So you have a R1.5 million bond at an interest rate of 7%. That gives a monthly payment of R11 629 over 20 years. TRANSFERRING PROPERTY TO A FAMILY MEMBER IN SOUTH AFRICA Donations tax. If the property is donated to the child or family member, donations tax of 20% is payable by the parent or donor to SARS on the value of the property. Every person is entitled to an annual exemption of R100,000 in respect of donations tax. The first R100,000 of the value of the property will therefore be exempt from donationstax
TRANSFER COSTS: EVERYTHING HOMEBUYERS NEED TO KNOW Transfer fees are paid to a transferring attorney, appointed by the property’s seller to transfer ownership to you. This cost varies, depending on the purchase price and comprise the conveyancer’s fees plus VAT, and the transfer duty payable to SARS. Transfer duties only apply to properties worth more than R1 000 000. TRANSFERRING PROPERTY INTO A TRUST: WHAT YOU NEED TO KNOW 4 Benefits of transferring your property into a trust. “A trust is the only entity that benefits from total asset protection, thus ensuring it stays out of the clutches of creditors,” says Rhys Dyer. Homeowners can continue to enjoy the benefits of the home, such asrental income.
THE HOME LOAN APPLICATION PROCESS IN SOUTH AFRICA Article summary. Obtaining a home loan is the most important step in the home buying process. Getting prequalified can help by giving you a solid idea of what you can afford, which will improve your chances ofapproval.
THE COST OF BUILDING A HOUSE IN SOUTH AFRICA Measured in square meters; the higher the square meter count, the higher the price. R8 000 to R13 000 per square meter for a high-end, market quality house. R5 000 per square meter for lower cost housing. R20 000 per square meter and above for high-quality homes. HOME LOAN CALCULATORS Home Loan Calculators. ooba’s home loan calculators allow you to calculate the size bond you are likely to qualify for and how much your bond repayments will be. Calculate the home loan you qualify for. Calculate your monthly repayment. Calculate your registration andtransfer costs.
THE COST OF SELLING A HOUSE IN SOUTH AFRICA 1. Bond cancellation. Among the legal costs for selling a home in South Africa is the cost of bond cancellation, which is carried out by the bond attorney appointed by the bank. Some costs attached to the bond cancellation process for sellers include: A penalty fee if you failed to provide 90 days’ written notice to the bank of yourintention
THE COST OF RENOVATING A KITCHEN IN SOUTH AFRICA Small kitchen remodel: R10,000 – R150,000. Mid-range kitchen remodel: R150 000 – R250 000. High-end kitchen remodel: R250 000+. Essential Kitchens, a Cape Town-based kitchen renovations company, further breaks it down into an individual cost for each feature of the kitchen: Kitchen cupboards: R75 000. Building work: R55 000. THE MOST IMPORTANT HOME LOAN REQUIREMENTS IN SA You need to be able to show that you pay your debts in full and on time. You need to be 18 years or older, permanently employed for six consecutive months or self-employed for the past two years. In terms of the documentary requirements for the application itself, here’s our handy top 6 to guide you: Proof of income: you must supply your THE PROCESS OF BUYING A HOUSE CASH IN SOUTH AFRICA Close the deal. Whereas closing the deal can take around 10 to 15 days if the home is purchased using a home loan, a cash purchase can usually be closed in a few days. Thereafter, transfer of the property for a cash deal can be as quick as 6 weeks, whereas transfer on a property with a bond is usually about 3 months. YOUR BOND HAS BEEN ACCEPTED. WHAT HAPPENS NEXT? Step 4: The bond attorney informs the transferring attorney of the amount available for guarantees and requests the draft deed of transfer and guarantee requirements. Step 5: The cancellation attorney is asked to cancel the seller’s bond upon receipt of a guarantee for the amount owing. Step 6: The transferring attorney receives the title TRANSFERRING PROPERTY INTO A TRUST: WHAT YOU NEED TO KNOW 4 Benefits of transferring your property into a trust. “A trust is the only entity that benefits from total asset protection, thus ensuring it stays out of the clutches of creditors,” says Rhys Dyer. Homeowners can continue to enjoy the benefits of the home, such asrental income.
IS BOND INSURANCE COMPULSORY WHEN BUYING A HOUSE? Is bond insurance compulsory when buying a house? No, it is not. Bond insurance is voluntary, however, in some instances the bank would require the bond insurance to be compulsory, along with the mandatory building insurance. However, bond insurance gives you peace of mind that you and your loved ones are covered should an unforeseenOOBA HOME LOANS
The bond process can be very daunting and stressful, so when I applied to ooba Home Loans for finance, I expected it to be a lot more arduous than it has been. It has been the exact opposite because of ooba’s amazing service. They are informative, patient and extremely helpful. They want the absolute best for their clients because they really THE HOME LOAN APPLICATION PROCESS IN SOUTH AFRICA Article summary. Obtaining a home loan is the most important step in the home buying process. Getting prequalified can help by giving you a solid idea of what you can afford, which will improve your chances ofapproval.
SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW South African property market in 2021. The 2020 property market benefitted from pent-up demand. 2021 is not expected to experience the same major resurgence, but it will still benefit from the work-from-home lifestyle that defined 2020. The demand for larger homes is believed to have its roots in the desire for a morecomfortable working
HOW TO QUALIFY FOR A SECOND HOME LOAN So take the following into account before applying for a second home loan, if you plan to use the property to generate rental income: The average rent of other properties in the area, which will help you determine your likely rental income. The chance that the property will be occupied on a regular basis. The cost of hiring an agent to manage TRANSFER COST CALCULATOR * This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities, e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchaseprice
HOW TO USE YOUR EXISTING PROPERTY TO BUY ANOTHER If you sell your existing home, you can use the equity from your existing home to fund the deposit on the new home, granting you a higher chance of bond approval, and a more favourable interest rate. Or, you can rent out your existing home and use the income to pay off the bond on the new home. Purchasing a home is often seen as along-term
5 WAYS TO PAY OFF YOUR HOME LOAN FASTER 2. Pay extra into your bond. Consistently adding just R1 000 to your monthly bond payment can make a big difference, Dyer explains. “Let’s say you buy a house for R2 million and put down a R500 000 deposit. So you have a R1.5 million bond at an interest rate of 7%. That gives a monthly payment of R11 629 over 20 years. FIRST-TIME HOME BUYERS GRANT FOR SOUTH AFRICANSSEE MORE ON OOBA.CO.ZA THE COST OF RENOVATING A KITCHEN IN SOUTH AFRICA Small kitchen remodel: R10,000 – R150,000. Mid-range kitchen remodel: R150 000 – R250 000. High-end kitchen remodel: R250 000+. Essential Kitchens, a Cape Town-based kitchen renovations company, further breaks it down into an individual cost for each feature of the kitchen: Kitchen cupboards: R75 000. Building work: R55 000. TRANSFERRING PROPERTY INTO A TRUST: WHAT YOU NEED TO KNOW 4 Benefits of transferring your property into a trust. “A trust is the only entity that benefits from total asset protection, thus ensuring it stays out of the clutches of creditors,” says Rhys Dyer. Homeowners can continue to enjoy the benefits of the home, such asrental income.
OOBA HOME LOANS
The bond process can be very daunting and stressful, so when I applied to ooba Home Loans for finance, I expected it to be a lot more arduous than it has been. It has been the exact opposite because of ooba’s amazing service. They are informative, patient and extremely helpful. They want the absolute best for their clients because they really THE HOME LOAN APPLICATION PROCESS IN SOUTH AFRICA Article summary. Obtaining a home loan is the most important step in the home buying process. Getting prequalified can help by giving you a solid idea of what you can afford, which will improve your chances ofapproval.
SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW South African property market in 2021. The 2020 property market benefitted from pent-up demand. 2021 is not expected to experience the same major resurgence, but it will still benefit from the work-from-home lifestyle that defined 2020. The demand for larger homes is believed to have its roots in the desire for a morecomfortable working
HOW TO QUALIFY FOR A SECOND HOME LOAN So take the following into account before applying for a second home loan, if you plan to use the property to generate rental income: The average rent of other properties in the area, which will help you determine your likely rental income. The chance that the property will be occupied on a regular basis. The cost of hiring an agent to manage HOW TO USE YOUR EXISTING PROPERTY TO BUY ANOTHER If you sell your existing home, you can use the equity from your existing home to fund the deposit on the new home, granting you a higher chance of bond approval, and a more favourable interest rate. Or, you can rent out your existing home and use the income to pay off the bond on the new home. Purchasing a home is often seen as along-term
TRANSFER COST CALCULATOR * This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities, e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchaseprice
5 WAYS TO PAY OFF YOUR HOME LOAN FASTER 2. Pay extra into your bond. Consistently adding just R1 000 to your monthly bond payment can make a big difference, Dyer explains. “Let’s say you buy a house for R2 million and put down a R500 000 deposit. So you have a R1.5 million bond at an interest rate of 7%. That gives a monthly payment of R11 629 over 20 years. FIRST-TIME HOME BUYERS GRANT FOR SOUTH AFRICANSSEE MORE ON OOBA.CO.ZA THE COST OF RENOVATING A KITCHEN IN SOUTH AFRICA Small kitchen remodel: R10,000 – R150,000. Mid-range kitchen remodel: R150 000 – R250 000. High-end kitchen remodel: R250 000+. Essential Kitchens, a Cape Town-based kitchen renovations company, further breaks it down into an individual cost for each feature of the kitchen: Kitchen cupboards: R75 000. Building work: R55 000. TRANSFERRING PROPERTY INTO A TRUST: WHAT YOU NEED TO KNOW 4 Benefits of transferring your property into a trust. “A trust is the only entity that benefits from total asset protection, thus ensuring it stays out of the clutches of creditors,” says Rhys Dyer. Homeowners can continue to enjoy the benefits of the home, such asrental income.
SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW South African property market in 2021. The 2020 property market benefitted from pent-up demand. 2021 is not expected to experience the same major resurgence, but it will still benefit from the work-from-home lifestyle that defined 2020. The demand for larger homes is believed to have its roots in the desire for a morecomfortable working
BOND REPAYMENT CALCULATOR Repayment Calculator. Insert the price of the property you wish to purchase and we will calculate how much your total monthly repayment amount will be. Purchase price (including VAT) *. Please enter a number from R 100,000 to R 125,000,000. Years to repay *. HOUSE AUCTIONS IN SA: EVERYTHING YOU NEED TO KNOW 1. Ensure you can finance the purchase. When you bid at property auctions, you must be confident that you will qualify for a home loan (unless it’s a cash deal and you don’t need a bond) because you can’t afford to default on the sale. If you can’t come up with the THE BOND REGISTRATION PROCESS: A FIRST-TIME HOME BUYERS Stage 3: The registering and approval of the bond. The purchaser applies for a bond with a bank – a bond originator will take care of this, cost free, on behalf of the purchaser. Once a bond has been granted by the bank, it advises the bond attorney to register the bond. Fumigators may be instructed to inspect the property forinfestation by
THE COST OF RENOVATING A KITCHEN IN SOUTH AFRICA Small kitchen remodel: R10,000 – R150,000. Mid-range kitchen remodel: R150 000 – R250 000. High-end kitchen remodel: R250 000+. Essential Kitchens, a Cape Town-based kitchen renovations company, further breaks it down into an individual cost for each feature of the kitchen: Kitchen cupboards: R75 000. Building work: R55 000. THE MOST IMPORTANT HOME LOAN REQUIREMENTS IN SA You need to be able to show that you pay your debts in full and on time. You need to be 18 years or older, permanently employed for six consecutive months or self-employed for the past two years. In terms of the documentary requirements for the application itself, here’s our handy top 6 to guide you: Proof of income: you must supply your 6 PROPERTY INVESTMENT TIPS FOR BEGINNERS In times of uncertainty, property remains the safe and reliable investment. South Africa’s economy may not be in the best shape, but the surge of new developments taking place throughout Cape Town and Johannesburg hint toward a bright future; and the market-friendly election result is sure to alleviate some of the tension.. For those considering investing in property, the time is now, as the BUILDING LOANS: WHAT ARE THEY AND DO YOU QUALIFY? A building loan is used to finance the construction of a house on vacant land or to finance additions and renovations to an existing home. With building loans, it’s important to bear in mind that a portion of the approved loan amount is retained by the bank and the funds are advanced to the borrower in stages as progress paymentsduring the
BOND CANCELLATION FEES AND HOW TO AVOID PAYING THEM The National Credit Act allows banks to process this fee if a seller gives notice of the intent to cancel their bond before the end of the conventional 20-year loan period. If your bond is relatively new, and you want to cancel it within the first two years of the loan agreement, you will also be liable for penalty interest ofapproximately 1%
YOUR BOND HAS BEEN ACCEPTED. WHAT HAPPENS NEXT? Step 4: The bond attorney informs the transferring attorney of the amount available for guarantees and requests the draft deed of transfer and guarantee requirements. Step 5: The cancellation attorney is asked to cancel the seller’s bond upon receipt of a guarantee for the amount owing. Step 6: The transferring attorney receives the titleOOBA HOME LOANS
Mbuso Simamane. The bond process can be very daunting and stressful, so when I applied to ooba Home Loans for finance, I expected it to be a lot more arduous than it has been. It has been the exact opposite because of ooba’s amazing service. They are informative, patient and extremely helpful. They want the absolute best for their clients HOW TO USE YOUR EXISTING PROPERTY TO BUY ANOTHER If you sell your existing home, you can use the equity from your existing home to fund the deposit on the new home, granting you a higher chance of bond approval, and a more favourable interest rate. Or, you can rent out your existing home and use the income to pay off the bond on the new home. Purchasing a home is often seen as along-term
HOW TO QUALIFY FOR A SECOND HOME LOAN So take the following into account before applying for a second home loan, if you plan to use the property to generate rental income: The average rent of other properties in the area, which will help you determine your likely rental income. The chance that the property will be occupied on a regular basis. The cost of hiring an agent to manage BOND REPAYMENT CALCULATOR Repayment Calculator. Insert the price of the property you wish to purchase and we will calculate how much your total monthly repayment amount will be. Purchase price (including VAT) *. Please enter a number from R 100,000 to R 125,000,000. Years to repay *. TRANSFER COST CALCULATOR * This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities, e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchaseprice
SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW South African property market in 2021. The 2020 property market benefitted from pent-up demand. 2021 is not expected to experience the same major resurgence, but it will still benefit from the work-from-home lifestyle that defined 2020. The demand for larger homes is believed to have its roots in the desire for a morecomfortable working
THE COST OF SELLING A HOUSE IN SOUTH AFRICA 1. Bond cancellation. Among the legal costs for selling a home in South Africa is the cost of bond cancellation, which is carried out by the bond attorney appointed by the bank. Some costs attached to the bond cancellation process for sellers include: A penalty fee if you failed to provide 90 days’ written notice to the bank of yourintention
TRANSFERRING PROPERTY TO A FAMILY MEMBER IN SOUTH AFRICA Donations tax. If the property is donated to the child or family member, donations tax of 20% is payable by the parent or donor to SARS on the value of the property. Every person is entitled to an annual exemption of R100,000 in respect of donations tax. The first R100,000 of the value of the property will therefore be exempt from donationstax
TRANSFER COSTS: EVERYTHING HOMEBUYERS NEED TO KNOW Transfer fees are paid to a transferring attorney, appointed by the property’s seller to transfer ownership to you. This cost varies, depending on the purchase price and comprise the conveyancer’s fees plus VAT, and the transfer duty payable to SARS. Transfer duties onlyapply to
FIRST-TIME HOME BUYERS GRANT FOR SOUTH AFRICANSSEE MORE ON OOBA.CO.ZAOOBA HOME LOANS
Mbuso Simamane. The bond process can be very daunting and stressful, so when I applied to ooba Home Loans for finance, I expected it to be a lot more arduous than it has been. It has been the exact opposite because of ooba’s amazing service. They are informative, patient and extremely helpful. They want the absolute best for their clients HOW TO USE YOUR EXISTING PROPERTY TO BUY ANOTHER If you sell your existing home, you can use the equity from your existing home to fund the deposit on the new home, granting you a higher chance of bond approval, and a more favourable interest rate. Or, you can rent out your existing home and use the income to pay off the bond on the new home. Purchasing a home is often seen as along-term
HOW TO QUALIFY FOR A SECOND HOME LOAN So take the following into account before applying for a second home loan, if you plan to use the property to generate rental income: The average rent of other properties in the area, which will help you determine your likely rental income. The chance that the property will be occupied on a regular basis. The cost of hiring an agent to manage BOND REPAYMENT CALCULATOR Repayment Calculator. Insert the price of the property you wish to purchase and we will calculate how much your total monthly repayment amount will be. Purchase price (including VAT) *. Please enter a number from R 100,000 to R 125,000,000. Years to repay *. TRANSFER COST CALCULATOR * This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities, e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchaseprice
SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW South African property market in 2021. The 2020 property market benefitted from pent-up demand. 2021 is not expected to experience the same major resurgence, but it will still benefit from the work-from-home lifestyle that defined 2020. The demand for larger homes is believed to have its roots in the desire for a morecomfortable working
THE COST OF SELLING A HOUSE IN SOUTH AFRICA 1. Bond cancellation. Among the legal costs for selling a home in South Africa is the cost of bond cancellation, which is carried out by the bond attorney appointed by the bank. Some costs attached to the bond cancellation process for sellers include: A penalty fee if you failed to provide 90 days’ written notice to the bank of yourintention
TRANSFERRING PROPERTY TO A FAMILY MEMBER IN SOUTH AFRICA Donations tax. If the property is donated to the child or family member, donations tax of 20% is payable by the parent or donor to SARS on the value of the property. Every person is entitled to an annual exemption of R100,000 in respect of donations tax. The first R100,000 of the value of the property will therefore be exempt from donationstax
TRANSFER COSTS: EVERYTHING HOMEBUYERS NEED TO KNOW Transfer fees are paid to a transferring attorney, appointed by the property’s seller to transfer ownership to you. This cost varies, depending on the purchase price and comprise the conveyancer’s fees plus VAT, and the transfer duty payable to SARS. Transfer duties onlyapply to
FIRST-TIME HOME BUYERS GRANT FOR SOUTH AFRICANSSEE MORE ON OOBA.CO.ZA HOME LOAN CALCULATORS Home Loan Calculators. ooba’s home loan calculators allow you to calculate the size bond you are likely to qualify for and how much your bond repayments will be. Calculate the home loan you qualify for. Calculate your monthly repayment. Calculate your registration andtransfer costs.
HOW TO QUALIFY FOR A SECOND HOME LOAN So take the following into account before applying for a second home loan, if you plan to use the property to generate rental income: The average rent of other properties in the area, which will help you determine your likely rental income. The chance that the property will be occupied on a regular basis. The cost of hiring an agent to manage SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW South African property market in 2021. The 2020 property market benefitted from pent-up demand. 2021 is not expected to experience the same major resurgence, but it will still benefit from the work-from-home lifestyle that defined 2020. The demand for larger homes is believed to have its roots in the desire for a morecomfortable working
THE MOST IMPORTANT HOME LOAN REQUIREMENTS IN SA You need to be able to show that you pay your debts in full and on time. You need to be 18 years or older, permanently employed for six consecutive months or self-employed for the past two years. In terms of the documentary requirements for the application itself, here’s our handy top 6 to guide you: Proof of income: you must supply your THE COST OF BUILDING A HOUSE IN SOUTH AFRICA Measured in square meters; the higher the square meter count, the higher the price. R8 000 to R13 000 per square meter for a high-end, market quality house. R5 000 per square meter for lower cost housing. R20 000 per square meter and above for high-quality homes. 5 WAYS TO PAY OFF YOUR HOME LOAN FASTER 2. Pay extra into your bond. Consistently adding just R1 000 to your monthly bond payment can make a big difference, Dyer explains. “Let’s say you buy a house for R2 million and put down a R500 000 deposit. So you have a R1.5 million bond at an interest rate of 7%.That gives a
HOW THE BANKS ARE PROCESSING HOME LOANS DURING LOCKDOWN Bank Continuity Plans for the processing of home loan applications during Covid-19 lockdown: • Normal bank service level agreements for the processing of applications submitted to the bank prior to lockdown but not finalised by 26/03/2020, and new home loan applications, will not apply from 27th March to 16th April. • Where a physical property valuation is required (as opposed to a CAN TRANSFER FEES BE INCLUDED IN A BOND? Article summary. Transfer costs are one of the additional expenses that need to be taken into account when purchasing a home. It includes post, petties, FICA, and transfer duty, although the latter is only payable on properties above R1 000 000. THE COST OF RENOVATING A KITCHEN IN SOUTH AFRICA Small kitchen remodel: R10,000 – R150,000. Mid-range kitchen remodel: R150 000 – R250 000. High-end kitchen remodel: R250 000+. Essential Kitchens, a Cape Town-based kitchen renovations company, further breaks it down into an individual cost for each feature of the kitchen: Kitchen cupboards: R75 000. Building work: R55 000. MANAGE SUBSCRIPTIONS You can follow the discussion on Can I borrow against my house to buy another house? without having to leave a comment. Cool, huh? Just enter your email address inOOBA HOME LOANS
Nomonde Nyawose. Amazing efficiency and professionalism. Thank you so much to ooba home loans. Your throughout the process was amazing. I cannot thank you enough for taking a huge load off my shoulders, especially since I’m a first time buyer. HOW TO USE YOUR EXISTING PROPERTY TO BUY ANOTHER If you intend to buy property for a second time, the proceeds from selling your existing home can be a useful asset in securing bond approval, but be aware of the potential hurdles. BOND REPAYMENT CALCULATOR Please Note: The interest rate displayed here is the current, national, prime interest rate, as set by the South African Reserve Bank.The interest rate offered by your bank when applying for a loanmay vary.
TRANSFER COST CALCULATOR * This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities, e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchaseprice
HOW TO QUALIFY FOR A SECOND HOME LOAN Article summary. Even though you already own a property, you’ll have to go through the same process applying for a second home loan as you did for the first, including a credit check. SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW Article summary. The property market is expected to show more growth despite the recent lockdown and load shedding issues. Interest rates are still at a record low following interest rate cuts in 2020. THE COST OF SELLING A HOUSE IN SOUTH AFRICA Article summary. The house-selling process incurs a number of legal and administrative costs, including the bond cancellation process which is conducted by a bond attorney but payable by the seller. FIRST-TIME HOME BUYERS GRANT FOR SOUTH AFRICANSSEE MORE ON OOBA.CO.ZA TRANSFER COSTS: EVERYTHING HOMEBUYERS NEED TO KNOW Article summary. Purchasing a home includes additional expenses aside from the home itself. Transfer fees and bond registration cost are probably the biggest costs associated with buying a home. TRANSFERRING PROPERTY TO A FAMILY MEMBER IN SOUTH AFRICA Article summary. Do your research before deciding to gift property to a family member. Look at all the cost implications of transferring a property to a family member as opposed to bequeathing it.OOBA HOME LOANS
Nomonde Nyawose. Amazing efficiency and professionalism. Thank you so much to ooba home loans. Your throughout the process was amazing. I cannot thank you enough for taking a huge load off my shoulders, especially since I’m a first time buyer. HOW TO USE YOUR EXISTING PROPERTY TO BUY ANOTHER If you intend to buy property for a second time, the proceeds from selling your existing home can be a useful asset in securing bond approval, but be aware of the potential hurdles. BOND REPAYMENT CALCULATOR Please Note: The interest rate displayed here is the current, national, prime interest rate, as set by the South African Reserve Bank.The interest rate offered by your bank when applying for a loanmay vary.
TRANSFER COST CALCULATOR * This is a once-off bank fee. Certain lenders may charge a higher amount for juristic entities, e.g. companies and trusts ** If the seller is a VAT vendor, there will be VAT payable on the purchaseprice
HOW TO QUALIFY FOR A SECOND HOME LOAN Article summary. Even though you already own a property, you’ll have to go through the same process applying for a second home loan as you did for the first, including a credit check. SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW Article summary. The property market is expected to show more growth despite the recent lockdown and load shedding issues. Interest rates are still at a record low following interest rate cuts in 2020. THE COST OF SELLING A HOUSE IN SOUTH AFRICA Article summary. The house-selling process incurs a number of legal and administrative costs, including the bond cancellation process which is conducted by a bond attorney but payable by the seller. FIRST-TIME HOME BUYERS GRANT FOR SOUTH AFRICANSSEE MORE ON OOBA.CO.ZA TRANSFER COSTS: EVERYTHING HOMEBUYERS NEED TO KNOW Article summary. Purchasing a home includes additional expenses aside from the home itself. Transfer fees and bond registration cost are probably the biggest costs associated with buying a home. TRANSFERRING PROPERTY TO A FAMILY MEMBER IN SOUTH AFRICA Article summary. Do your research before deciding to gift property to a family member. Look at all the cost implications of transferring a property to a family member as opposed to bequeathing it. HOME LOAN CALCULATORS Home Loan Calculators. ooba’s home loan calculators allow you to calculate the size bond you are likely to qualify for and how much your bond repayments will be. THE MOST IMPORTANT HOME LOAN REQUIREMENTS IN SA Article summary. You need a good credit record to apply for a home loan. You need to be 18 years or older. Certain documents are required to submit the application. SOUTH AFRICAN PROPERTY MARKET 2021: WHAT YOU NEED TO KNOW Article summary. The property market is expected to show more growth despite the recent lockdown and load shedding issues. Interest rates are still at a record low following interest rate cuts in 2020. HOW TO QUALIFY FOR A SECOND HOME LOAN Article summary. Even though you already own a property, you’ll have to go through the same process applying for a second home loan as you did for the first, including a credit check. TRANSFER DUTY IN SOUTH AFRICA: EVERYTHING YOU NEED TO KNOW According to the Transfer Duty Act, property transfer duty is a tax payable by buyers of all types of properties and is owed over and above the selling price.. Rhys Dyer, CEO of ooba Home Loans, South Africa’s largest home loan comparison service, explains that transfer duty should not be confused with transfer costs, which include all the expenses associated with a property transfer. CAN TRANSFER FEES BE INCLUDED IN A BOND? Article summary. Transfer costs are one of the additional expenses that need to be taken into account when purchasing a home. It includes post, petties, FICA, and transfer duty, although the latter is only payable on properties above R1 000 000. HOW THE BANKS ARE PROCESSING HOME LOANS DURING LOCKDOWN Bank Continuity Plans for the processing of home loan applications during Covid-19 lockdown: • Normal bank service level agreements for the processing of applications submitted to the bank prior to lockdown but not finalised by 26/03/2020, and new home loan applications, will not apply from 27th March to 16th April. • Where a physical property valuation is required (as opposed to a 5 WAYS TO PAY OFF YOUR HOME LOAN FASTER Article summary. Given that it is such a large and long-term financial commitment, paying off your bond quicker can save you a lot of moneyin the long run.
MANAGE SUBSCRIPTIONS You can follow the discussion on Can I borrow against my house to buy another house? without having to leave a comment. Cool, huh? Just enter your email address in WHAT FOREIGNERS NEED TO KNOW ABOUT BUYING PROPERTY IN Article summary. Foreigners buying property in South Africa can buy property here. Foreign buyers or non-residents must comply with local legislation in that regard.Skip to content
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Informative, patient and extremely helpful The bond process can be very daunting and stressful, so when I applied to ooba Home Loans for finance, I expected it to be a lot more arduous than it has been. It has been the exact opposite because of ooba’s amazing service. They are informative, patient and extremely helpful. They want the absolute best for their clients because they really pushed for the best deal while keeping me in the loop at all times.Annebe Cooke
You simply never gave up Thank you, Charlene Viljoen, for your enthusiasm, communication skills and professional demeanour in helping me obtain a bond for our property. You were so reliable, dedicated and upbeat at all times – and how you put up with all my questions, I’ll never know! You simply never gave up and I doubt that I would have gotten that bond and property without you. Of particular value to me was your outstanding level of service and follow-through.Poelo Rangoako
Such a pleasant experience I had such a pleasant experience with ooba Home Loans, who assisted me with my bond application. They were very patient and motivated to ensure a successful outcome of my application. Thank you so very much. This is so appreciated. Terms and Conditions Privacy Statement Promotion of Access to Information The ooba group subsidiaries Property Protector Financial Services and ooba Administration Services are Authorised Financial Services Providers (FSP No’s: 216 & 46293) 2021 ooba (Pty) Ltd. All rights reserved.Details
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