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Is now 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:
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