Avoid paying thousands more on your home loan
What buyers don’t always realise is that their home loans – while seemingly affordable on a month-to-month basis – are the most expensive costs of buying a property.
Your home loan can cost you up to 32% more with just a 2% interest rate added to the prime lending rate (currently 10%), says de Waal.
Whether you want to sell your residential property or buy a new real estate investment, a house or an apartment, your Property Angel is here to help you find your magnificent home.
Property Angels – Home Loan
A bank may add up to 2% to the prime lending rate to compensate for the risk of lending to a home buyer with no deposit or with a credit score that is not very good.
Our calculations show that 2% added to prime can cost a home buyer with a R1m bond up to R320,000 extra in repayments over 20 years.
The education and home buyers’ guide helps buyers avoid these ‘traps’.
Author: Meyer De Waal
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