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When buying a new home there are several considerations to make. This post will assist you in the process.
Are you a first-time home buyer and not sure how you can get the money together for the attorney fees?
Remember you will need to pay the transferring attorneys as well as the bond registration attorneys. We have some good news!! FNB and Standard Bank can consider adding a percentage of your purchase price to the home loan to use towards paying the transfer and bond registration fees.
Terms and Conditions:
- You have to be a first time home owner
- Your credit score has to allow for at least a 100% bond
- Your affordability should be in line to afford the repayment on a 100% bond plus the extra money for costs
- FNB can possibly add 5% of the purchase price for costs, as long as your purchase price does not exceed R650,000 and your income does not exceed R25,000 per month
- Standard Bank can possible add 4% of the purchase price for costs, as long as your purchase price does not exceed R1,000,000
- Keep in mind that the 4% and 5% will not cover all the costs and generally there will still be a portion for your own account, although much more manageable
- If you do have the savings to use towards the transfer and bond registration fees, it would still be recommendable that you rather pay it cash since the banks tend to increase the interest rate when they include the costs of the loan.
Need more information? Call us on 087 151 4712 or email firstname.lastname@example.org.