How much more you could be paying on your bond by the end of the year in South Africa: expert

  • 📰 BusinessTechSA
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 61%

Property Property Headlines News

Property Property Latest News,Property Property Headlines

After almost two years of historically-low home loan borrowing costs, the country is now back into a hiking cycle, says Samuel Seeff, chairman of the Seeff Property Group

The latest rate adjustment means homeowners are now paying an extra 1.25% on their home loans since the lows of 2020, with a further 1% in hikes expected this year, he said.

“For middle-class homeowners and prospective property buyers, the 1.25% rate hikes mean an extra R600 to R1,200 per month on mortgages of between R750,000 and R1.5 million, depending on the rate and repayment period.”Seeff said the expectation of a further 100bps means buyers need to budget for an“Buyers could also look to purchase below their budget to create a financial buffer.

“If you have additional debt such as a credit card and car loan, you will need to take that into account on top of needing extra budget for the higher food, fuel and other household expenses.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I am going to cut R1000 on garden services, it's not sustainable. I think of paving the entire yard.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 24. in PROPERTY

Property Property Latest News, Property Property Headlines