As we draw a close to the third quarter of 2021, the effects of the third wave of COVID-19 infections combined with the looting and protest actions following Zuma’s arrest are sure to be felt across most sectors of the South African economy. The question is whether this will have an impact on the local housing market.Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that he...
With interest rates still at a 50-year low, many homeowners might wonder whether now is the time to fix the interest rate on their home loan to ease the monthly financial load More homeowners are weighing the pros and cons of asking their banks to convert their home loan from having a variable interest rate to a fixed rate. What’s the difference? A fixed rate remains unchanged even if interest rates...
South Africa’s prime lending rate is currently at 7%, the lowest it has been in five decades. As the Monetary Council of the South African Reserve Bank (SARB) is set to meet at the end of March, a unanimous vote by 25 economists on Finder’s repo rate forecast report thinks the bank will continue to hold the rate. Web Design | Social Media Marketing | GoogleRead More...
South Africa’s Land Expropriation Bill is currently open for public until 10 February 2021. While the issue of land expropriation without compensation remains a hot topic in the country, legal firm Cliffe Dekker Hofmeyr said that this comment period is particularly important as it has found a number of potential issues in the draft bill. “The bill attempts to protect individuals’ Constitutional...
Buying property with family can be a solution on a multitude of fronts – the elderly are cared for, costs are shared … But things can go wrong, and when they do they can ruin your most precious relationships. So, what are the “dos and don’ts”? Shaun Dubois of Just Property, says he is seeing more and more multi-generational living arrangements: “This was always common in certain cultures but...
The residential property market has recovered much faster than expected from the hard lockdown earlier this year, new data from FNB shows. Experts were predicting that house prices would fall by between 5% to 14.5% this year due to Covid-19 - instead prices have climbed in the year to July. This is due in large part to lower interest rates, which create stronger demand. There has been an...
The record-breaking streak of interest rates cuts in January through to May has already spiked interest in the first-time buyers’ market. The housing market received further good news when today, the Monetary Policy Committee (MPC) announced that the interest rate will drop by 25 basis points. The repo rate, therefore, lowers to 3.5%, leaving the prime lending rate at...
Retired South Africans who own homes but are cash-strapped may now apply for a loan, or “reverse mortgage,” suggested in a recent policy paper by the World Bank as a way to supplement pension income.Lending company, Water Financial, led by financier and former COO of twenty20 bank, Chris Loker, has launched the financial solution for single retirees over 75 who own a home and who qualify. The home...
Save hundreds of thousands in bond payments With the recent two rate cuts in quick succession by the South African Reserve Bank, consumers are being encouraged to take advantage of their home loan repayments. Those who are fortunate enough to not have any financial worries during this Covid19 pandemic could save hundreds of thousands in bond payments if they want to.The recent move by the South African...
An Amanzimtoti Property reader financially affected by the coronavirus outbreak has been charged a penalty every month for late rental payments. He wants to know if he is legally obligated to pay it. He writes: "My wife and I have been affected financially by the Covid-19 pandemic, just like everybody else. We have been making partial payments for our rent, but always clear the balance by the time...
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