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From category archives: Phoenix Bonds News Blog

First-time Home Buyer

How Does Compound Interest Work on a Home Loan?

To understand what your home loan repayment is made up of (in terms of principal and interest), you first need to understand compound interest, and how it works in reverse for debt.

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FLISP - A Government Subsidy for First-time Homebuyers

Purchasers buying property for R650,000 and below will potentially qualify for FLISP, a government subsidy for first-time homebuyers. FLISP can be used to cover transfer and bond registration costs, thereby allowing the purchaser to buy a home without upfront savings.

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What to Expect from the Housing Market in 2023

The South African housing market has seen a period of strong growth over the past two years, with low interest rates and a strong demand for property driving sales and pushing up house prices. However, this boom is beginning to cool off as interest rates rise and the cost of living continues to increase.

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2023 – What’s in store for interest rates?

The Monetary Policy Committee (MPC) meets six times a year to set interest rates and battle inflation. Economists’ projections can be varied, but the result is typically in the middle. A collection of estimates across the industry has allowed the team at Phoenix Bonds to put together an “average” interest rate forecast for 2023.

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Why Bond Insurance is Important in South Africa

Although bond insurance is not compulsory, it can be considered very necessary. We know that there are many costs that come with owning a home and “yet another insurance” is possibly the last thing you want to consider.

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What are home loan interest rates and how do you pay less?

Most homeowners in South Africa require a home loan to purchase a home they want to live in, and paying interest on that loan is part of life. In this article, we unpack home loan interest and explains what it is, how the amounts that you pay are determined and how you can pay as little interest as possible when you buy a home.

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How to Get the Most Out of Your Building Insurance

The unfortunate reality is that structural damage can happen to anyone. Such damage can be caused by fire, floods, hail, lightning, and burst geysers or pipes. Although building insurance can feel like a grudge purchase to some, having it prevents homeowners from digging into their life’s savings to pay for structural damage.

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What Affects Your Insurance Premiums?

One of the costs that potential homeowners must be aware of is building insurance. Building insurance is non-negotiable as lenders want to protect their own interests when awarding a home loan to a purchaser.

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Who Pays for What During the Transfer of Property?

When it comes to buying and selling property in South Africa, both the buyer and the seller have certain financial obligations. It is crucial to know what these obligations are before pursuing the transfer of property is crucial and will help you prepare for it before you sign a contract.

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Interest Rate Hikes – There is Hope in the World of Real Estate

Our independent bond originators in South Africa have been following the market closely and aim to put your mind at ease as we explain how home owners, landlords, and tenants can still benefit from staying in the property market.

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