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First-time buy­ers drive sec­tional ti­tle mar­ket

Statis­tics re­leased by bond orig­i­na­tor ooba show that the over­all de­mand for sec­tional ti­tle prop­erty has risen by al­most 7% year on year.

First-time home­buy­ers are driv­ing the sec­tional ti­tle mar­ket, with 56% of all ap­pli­ca­tions re­ceived by ooba in the past 12 months orig­i­nat­ing from this mar­ket.

Thirty-three per­cent of first-time buy­ers are opt­ing to pur­chase a sec­tional ti­tle unit in­stead of free­hold prop­erty, an in­crease of just over 6% year on year. The av­er­age age of the first-time buyer pur­chas­ing a sec­tional ti­tle unit is 33, while the av­er­age age of this mar­ket buy­ing a full ti­tle prop­erty is 39.

CEO of ooba Rhys Dyer says: “Sec­tional ti­tle com­plexes gen­er­ally of­fer the ben­e­fit of added se­cu­rity through, for ex­am­ple, ac­cess con­trol, elec­tric fenc­ing, guards or im­proved neigh­bour vig­i­lance. The in­creased de­mand for sec­tional ti­tle units is ex­pected to con­tinue into 2016.”

Reg­u­la­tor raids debt coun­sel­lors in Western Cape

In a spe­cial op­er­a­tion, the Na­tional Credit Reg­u­la­tor has con­ducted raids on 11 debt coun­sel­lor firms in the Western Cape that op­er­ate call cen­tres.

The raids were set up af­ter in­for­ma­tion was re­ceived that cer­tain debt coun­sel­lors may be mis­rep­re­sent­ing the na­ture and pur­pose of debt coun­selling to con­sumers, and mar­ket­ing it as a pay­ment hol­i­day or sim­ply as a means to re­duce monthly debt re­pay­ments.

Jac­que­line Boucher, act­ing man­ager of in­ves­ti­ga­tions and en­force­ment at the reg­u­la­tor, says the fo­cus of the op­er­a­tion was on debt coun­sel­lors who op­er­ate call cen­tres.

The raid was un­der­taken to de­ter­mine if they were com­ply­ing with the Na­tional Credit Act and to en­sure that debt coun­selling was not be­ing con­ducted by call cen­tre agents who were not reg­is­tered as debt coun­sel­lors, be­cause this is a con­tra­ven­tion of the act.

Debt coun­selling is in­tended as a mea­sure of last re­sort to as­sist you if you are overindebted.

A debt coun­sel­lor will con­sider your bud­get and de­ter­mine if you are overindebted.

If you are, he will then charge you a debt coun­selling fee to take on your case and will li­aise with your cred­i­tors to ar­range a re­pay­ment so­lu­tion that al­lows you enough money for your es­sen­tial ex­penses such as rent and gro­ceries.

Ap­pli­ca­tions open for Western Cape Fund­ing Fair

If you live in the Western Cape and you are keen to start a busi­ness, now is the time to send an ap­pli­ca­tion to the Western Cape Fund­ing Fair, hosted in May by Deloitte and the Western Cape de­part­ment of eco­nomic de­vel­op­ment and tourism.

Eco­nomic Op­por­tu­ni­ties Min­is­ter Alan Winde, who spoke at the launch of the 2016 Western Cape Fund­ing Fair this week, ex­plains that the fair is a pub­lic-pri­vate part­ner­ship in­tended to kick-start busi­ness ini­tia­tives across the prov­ince.

The event con­nects busi­nesses that re­quire fund­ing with suit­able in­vestors, and ed­u­cates ap­pli­cants on best prac­tices to fol­low to turn ideas into bank­able busi­ness plans. It is open to any Western Cape-based busi­ness seek­ing fund­ing from R2 mil­lion.

Craig Whyte, founder of ArtLab, a dig­i­tal print­ing com­pany, suc­cess­fully se­cured fund­ing at the 2015 Fund­ing Fair.

He ad­vises this year’s ap­pli­cants to con­duct proper due dili­gence on their busi­ness be­fore pitch­ing.

“The deal is in the de­tail. Al­ways do your due dili­gence to en­sure that you are pre­pared for the pitch be­cause you don’t want one small de­tail to jeop­ar­dise the po­ten­tial of your busi­ness se­cur­ing fund­ing,” says Whyte.

Suc­cess­ful ap­pli­cants will have the op­por­tu­nity to at­tend a prepa­ra­tion work­shop at Deloitte lead­ing up to the Fund­ing Fair, which will be fol­lowed by a 15-minute pri­vate pitch­ing ses­sion with fun­ders at the fair. The Fund­ing Fair will con­sist of var­i­ous en­tre­pre­neur-fo­cused pre­sen­ta­tions as well as an ex­hibit. It is open for free to the pub­lic.

To at­tend, reg­is­ter on the Western Cape Fund­ing Fair web­site, or to ap­ply to pitch for fund­ing, visit west­ern­cape­fund­ing­ and fol­low the con­ver­sa­tion on Twit­ter us­ing the hash­tag #WCFund­ingFair.

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