Dizzy Dee

I dream of the day when I can buy my own house, and hopefully that day isn’t too far away. Its such a stable investment, and you hardly ever lose on property. I have been looking at renting a place closer to the new job, but renting means paying off someone else’s bond! That just seems like such a waste. For a bit more on your monthly payment you can be buying your home instead of renting it!

In South Africa property is rather expensive at the moment, but prices are not so much increasing anymore. A while back the property industry had quite a boom.

Getting a home loan is a whole different story though. It might be farely easy to GET a home loan. But how to know which one to pick? Which offers you the best? In the end it doesn’t really matter which one you pick. As long as you know what it entails. Read the fine print.

If you pay an amount extra every single month you could end up paying a LOT less.

For instance: If you were to buy a house of R750 000, and you choose to pay R1000 more on your monthly repayment, you can pay off the loan in 15 years instead of 30 years. Thus also saving just over R600 000!!! (On interest)

Please note that these figures were calculated roughly, and will differ from bank to bank, and obviously depend on the interest rate etc.

For more information, look at this bond calculator