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The purchase of a new home comes with a string of new bills. Not only will you now have a monthly bond instalment to pay, but there are a number of additional costs which you may not have had to pay as a tenant. These include:
In addition to the purchase price of the property, there are a number of upfront costs involved in buying a home. It’s important that you’re aware of these additional expenses so that you can save up the money or arrange a loan to cover these costs. Below is a brief explanation of these items:
Below is a table of approximate costs to give you an idea of what to expect (incl. VAT). These amounts may differ from Attorney to Attorney.
* Approximate costs as at 1 April 2016
Pay your bills on time every month in order to ensure that you have a good credit rating. It’s also a good idea to try and clear as many debts as possible before applying for a home loan, since lending institutions will look at existing debt obligations when assessing whether or not to approve a loan application.
Contact SA Home Loans to find out what bond you qualify for. Although pre-approval doesn’t guarantee a home loan, it does give you a clear idea of what you can afford to spend, and means you are more likely to be taken seriously by the seller. As a rough guide, your instalment should not be more than 25% - 30% of your regular family combined income, before tax and deductions. This is known as you “payment to income” (PTI) ratio.
Our website has calculators which will assist you in calculating your instalments – or you can refer to the chart below for an illustration* of maximum loan amounts and instalments for income levels:
* This table is for illustrative purposes only and is based on an interest rate of 13% p.a. A lower interest rate means that you will be able to afford higher instalments and thus be able to borrow a larger sum.
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