Although we do our best to give you accurate calculations, they will not be binding on us. Our calculations are only examples of how interest rates and fees can affect your repayments. Our transfer and bond cost calculations are also estimates.
Whether you’re a first-time buyer, an experienced buyer or looking to invest in property, here are some things you should know when making your decision.
Buying a property is not just about when you can afford it. Here are some things to also consider:
Deciding on the right time to buy isn’t just dependent on you. There are a number of things that impact when to buy.
Buying property can be a complicated process of transfers, registrations and logistics that all come with costs. It’s important to find out:
Calculate how much you can afford to spend on a home loan.
cond | condValue | debtBuffer | expenseBuffer | debtStress | expenseStress | surplusBuffer |
---|---|---|---|---|---|---|
LESS_THAN_EQUAL_TO | 10000 | 0.1026017010000 | 1.36306636 | 1.02 | 1.07 | 0.6 |
LESS_THAN_EQUAL_TO | 15000 | 0.1013535500000 | 1.319440431 | 1.02 | 1.07 | 0.6 |
LESS_THAN_EQUAL_TO | 20000 | 0.1001053980000 | 1.321738176 | 1.02 | 1.07 | 0.6 |
LESS_THAN_EQUAL_TO | 25000 | 0.109908105000 | 1.306609407 | 1.02 | 1.07 | 0.6 |
LESS_THAN_EQUAL_TO | 30000 | 0.1157256980000 | 1.282877395 | 1.02 | 1.07 | 0.6 |
LESS_THAN_EQUAL_TO | 40000 | 0.1318541410000 | 1.276345131 | 1.02 | 1.07 | 0.6 |
LESS_THAN_EQUAL_TO | 45000 | 0.1394430720000 | 1.263615732 | 1.02 | 1.07 | 0.6 |
LESS_THAN_EQUAL_TO | 50000 | 0.1413963310000 | 1.261481222 | 1.02 | 1.07 | 0.6 |
GREATER_THAN | 50000 | 0.1603055010000 | 1.234109795000 | 1.02 | 1.07 | 0.6 |
cond | condValue | minMFixedAmount | minPercentage | bandMMinimum |
---|---|---|---|---|
LESS_THAN_EQUAL_TO | 800 | 0 | 1 | 0 |
LESS_THAN_EQUAL_TO | 6250 | 800 | 0.0675 | 800.01 |
LESS_THAN_EQUAL_TO | 25000 | 1541.67 | 0.09 | 6250.01 |
LESS_THAN_EQUAL_TO | 50000 | 3375 | 0.082 | 25000.01 |
GREATER_THAN | 50000 | 5425 | 0.0675 | 50000.01 |
Although we do our best to give you accurate calculations, they will not be binding on us. Our calculations are only examples of how interest rates and fees can affect your repayments. Our transfer and bond cost calculations are also estimates.
Finding the right property to call home can be overwhelming. Here are some things you should look for when property hunting to help you make the right decision.
What type of property suits your lifestyle and your budget? It’s important to weigh up the perks and costs of apartment and complex living versus stand-alone houses, as well as what appliances you want to be pre-installed and what facilities – like pools and gardens – you’re willing to pay maintenance for.
When deciding on a neighbourhood, look at the lifestyle you want, what services and businesses are nearby and noise levels. You may need to think about the neighbourhood’s proximity to other important aspects of your life, like schools, work or medical facilities. Safety is another important feature to consider, as well as the area’s zoning.
Is it a ‘fixer-upper’ that you will need to renovate, or does it just need fresh paint? When looking at the property, consider the age of the property and look at the condition of its walls, roof and wiring, as well as its water pressure and plumbing.
Location impacts the value of your property and the cost of travel to places like work, schools and shops. It’s important to factor in the time you will spend travelling, the community around and access to major roads.
It’s important to learn everything you can about a property before you buy it. A property report can help you:
Get up to three free property reports every month.
Here’s what you need to know when applying for a home loan.
Every month, you will need to pay the municipality for the services and area maintenance they provide. These fees will depend on your property value and the area.
If you buy in a sectional title property, you’ll pay monthly levies to the body corporate or homeowners association to manage the complex or estate affairs for maintenance and repairs of all common areas and any relevant expenses (security, gardening and insurance).
Buying a property is a big investment. Make sure it’s protected, so if anything happens to you or your property, you are covered.
It’s important to consider what it will cost to maintain a safe and comfortable home. Features like gardens and pools add to maintenance costs.
It’s important to save for a unexpected costs. It’s impossible to know when you’ll need to make unplanned repairs, but you can budget for just-in-case. Check with your insurance provider if you’re covered for events like a burst geyser or leaking roof.
In order to keep your home safe you may need to look into armed response, area watch services and physical security like alarm systems. Have a look at crime statistics in your area on www.crimestatssa.com
When you pay back your bond each month, you’re not just paying back the value of the loan. You’re paying:
When you’ve found a property, you will fill out an offer to purchase with your offer amount on it. Signing this offer is a commitment, so here are some important things to remember about offers.
Insurance is about more than peace of mind, it’s also about protecting your investment. Here are a few types of insurance you might need.
Helpful info to help you on your journey.
Submit your application and if anything is missing, we’ll let you know.
We’ll look at your affordability to see if you’ll be able to cover the monthly repayments on the loan amount you require.
We’ll do a property assessment to make sure the property value is sufficient as security for the loan you need.
After the credit and property assessment, we'll make you an offer for a home loan by sending you a ‘loan quotation’ which you need to accept.
After accepting the loan offer, we’ll appoint an attorney to assist with the conveyancing process. You’ll sign the necessary loan documents, pay the relevant attorney fees and thereafter the attorney(s) will complete the conveyancing process by lodging your bond with the Deeds Office.
The Deeds Office will complete the conveyancing process once they’re satisfied. Once your bond has been registered at the Deeds Office, you are now officially the legal owner of your home.
Ready to apply for a home loan?
Start home loan applicationIf you have a specific question you need answered, try our Frequently Asked Questions.