Phoenix Bonds is a leading home loan advisory service provider in South Africa, offering expert guidance to clients seeking to finance their dream home.
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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.
Instant loans, also known as payday loans, have become increasingly popular in South Africa as a way for individuals to access cash quickly and easily. However, with the rise of technology and the internet, it has become easier for scammers to target unsuspecting individuals with unsolicited loan offers via SMS.
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.
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.
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.
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.
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.
Building insurance is exists to cover the physical structure of your home, along with all permanent fittings and fixtures. In addition, it can also cover you for other liabilities such as personal injury on-site.
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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