It’s party time for first-time buyers
RARE OCCASION For those consumers keen to buy their first home, there couldn’t be a better time to take the plunge. So says Rudi Botha, CEO of BetterBond. He notes that the residential property market has reached a stage that occurs only very rarely, in which several major factors are all aligned in favour of first-time buyers. This is clearly evident in BetterBond’s latest statistics, which represent 25% of all residential mortgage bonds being registered in the Deeds Office and include applications to all the major lending banks in SA.
At the moment, about four out of every 10 home loans approved are 100% loans and most of these are going to first-time buyers, including those in the affordable sector. “In addition the average percentage deposit required by first-time buyers who don’t manage to secure a 100% loan has declined from 11.5% of the purchase price to 9%.