Streaming issues? Report here
CapeTalk logo 2017 1500 x 1500 CapeTalk logo 2017 1500 x 1500
Weekend Early
03:00 - 06:00
volume_up
volume_mute

Up Next: Weekend Breakfast with Sara-Jayne King
See full line-up
Weekend Early
03:00 - 06:00
Home
arrow_forward
Local

Is now a good time to buy a property?

30 June 2020 2:16 PM
Tags:
Property
!Khomani Cultural Landscape
Cape Town property
interest rate
buy property South Africa
Buying property
CoCT property
Africa property investment
bond repayment

With the prime lending rate having dropped more than 2% since the start of the year could now be a good time to buy a property?

One of the most common questions when it comes to buying a property is 'when is the best time to buy?'

According to corporate specialist financial planner Slyvia Walker now is a great time to take advantage of record-low interest rates:

In January the prime interest rate was at 10%, it's now 7.25% so it's come down significantly.

Sylvia Walker, Corporate specialist financial planner 

She says that makes a huge difference in terms of how much one is able to borrow:

If somebody is earning R30 000 a month, earlier this year at 10% they would have qualified for a loan of about R932 000, now with the lower interest rate they can qualify for a loan of around R1.13 million.

Sylvia Walker, Corporate specialist financial planner 

Because the interest rate is low, the criteria the bank would look at in terms of your income is obviously a lot easier now to afford the property you want...

Sylvia Walker, Corporate specialist financial planner 

However, Walker says there are considerations to make before taking the biggest loan you can get:

What happens if that interest rate starts to climb, it might become unaffordable.

Sylvia Walker, Corporate specialist financial planner 

Walker says to avoid any nasty surprises when it comes to their home loan repayment, some people opt for fixed-rate bond:

The fixed interest rate is normally about 1-3% higher than the current rate, and it's really a bit of a gamble.

Sylvia Walker, Corporate specialist financial planner 

Listen to the full interview below:


30 June 2020 2:16 PM
Tags:
Property
!Khomani Cultural Landscape
Cape Town property
interest rate
buy property South Africa
Buying property
CoCT property
Africa property investment
bond repayment

More from Local

Newlands Stadium

Cape Town rugby fans bid farewell to Newlands, WP's last game at the old stadium

23 January 2021 4:45 PM

Kick-off at DHL Newlands for Carling Currie Cup semifinal between DHL WP and the Cell C Sharks but the stands must remain empty.

Share this:
Read More arrow_forward

Gender based violence sexual abuse women 123rflifestyle 123rfpolitics 123rf

Rape culture: 'There's no other crime where a victim is so held up to question'

23 January 2021 10:46 AM

Rape Crisis's Kathleen Day says myths and stereotypes about rape, sex, and gender allow rapists to get away with the crime.

Share this:
Read More arrow_forward

Alvon Collison

Cape Town 'King of Cabaret' showbiz legend Alvon Collison dies

23 January 2021 9:22 AM

Baxter Theatre marketing manager, Fahiem Stellenboom pays tribute to veteran entertainer Alvon Collison.

Share this:
Read More arrow_forward

Lions-Head-hiking-cape-town-adventure-tourism-table-mountain-safety-123rf

The Outdoor Report: How and why trail running has exploded during lockdown

23 January 2021 8:09 AM

Jeff Ayliffe chats to Sara-Jayne King about the rise of trail running during lockdown and why it is the ideal time to improve your levels.

Share this:
Read More arrow_forward

V&A Waterfront Marina Cape Town tourism 123rf 123rflifestyle

3 cool, fun and inspirational things to do in Cape Town this weekend

23 January 2021 7:49 AM

Learning how to vision board, seeking out gorgeous fresh produce, or a fantastic kids workshop while you grab a coffee.

Share this:
Read More arrow_forward

syringe needle vaccine vaccination medical gloves healthcare worker 123rf

Covid-19 can be easily tweaked to adjust to new strains, explains NICD prof

22 January 2021 6:12 PM

.John Maytham speaks to Professor Lynn Morris, principal medical scientist and head of HIV Virology at the NICD.

Share this:
Read More arrow_forward

Typhoon hurricane cyclone tropical storm 123rf

Southern Africa braces for impact as tropical storm Eloise intensifies

22 January 2021 3:05 PM

Live in Limpopo, Mpumalanga or KZN? Brace yourself! Tropical storm Eloise, expected to make landfall near Beira, is intensifying.

Share this:
Read More arrow_forward

Rush hour traffic cars highway 123rftraffic 123rf

10% drop in festive season road deaths, but no reduction in real terms, says AA

22 January 2021 1:25 PM

Travel restrictions in lockdown level 3 likely contributed to the fewer road deaths over the festive season says Layton Beard.

Share this:
Read More arrow_forward

school-feeding-scheme-nutrition-programmejpg

Suspect arrested after selling canned food used for WC school feeding scheme

22 January 2021 12:23 PM

Education MEC Debbie Schäfer says a suspected thief has been arrested for profiting from canned food that's meant for vulnerable learners.

Share this:
Read More arrow_forward

Scientist lab laboratory biological tube virus analysis data sampling 123rf

Prof Tulio de Oliveira reveals how the new Covid-19 variant in SA was identified

22 January 2021 11:28 AM

Virus hunter Prof Tulio de Oliveira has been credited for discovering the new variant of Covid-19 driving the second wave in South Africa.

Share this:
Read More arrow_forward