First Time Property Buyer?
These are the finance options you have:
Home Loan
Interest rates in South Africa are at 50 year lows meaning this is an opportune time to secure finance for your first home or investment property.
We recommend approaching a bond originator to assist with applying to the major big banks on your behalf as it does not cost you anything and they deal with all the paperwork and submit simultaneously to all banks in order to see which one comes back with the best offer.
Self-employed individuals may find the process more onerous as opposed to salaried employees and generally the banks look more favourably on long tenured salaried employees.
Your ability to repay the loan and overall credit record are the major factors that determine if and what amount you could be approved for.
Private (Angel) Lender
If you have a relationship or degree of trust with someone that has funds on hand to assist, a private lender can be a good alternative to a financial institution.
This person would need to feel it's a worthy investment and that the risk/reward ratio makes sense
Investment Club
A popular option for investors wanting to buy property is to pool their money with like minded investors, be it family or friends and purchase property together.
Importantly it should be clear upfront the strategy and role everyone has when buying where more than one person is involved
