Real Estate & Mortgage News in South Africa from Propertyshowrooms.com

South African mortgage market 'improving'

Fri, 11 May 2012 00:00:00 GMT

South Africa's mortgage market has been given a boost by an influx of applications from younger property buyers.

The latest figures from BetterBond show more people aged between 30 and 50 are looking to purchase real estate in South Africa, resulting in the total number of requests for a home loan rising 45 per cent in the past year, BusinessDay reports.

BetterBond is the country's biggest mortgage originator and its chief executive Rudi Botha was quoted by the news source as saying the dip in loans to people aged over 50 is due to this demographic either delaying moving home or using equity to pay cash when downsizing.

However, it seems older expats are bucking the trend, as SA Commercial Prop News noted British expats are increasingly turning to South Africa when they retire as the country offers a better standard of living than the UK for those relying on a pension.

"The percentage of loans being granted to buyers between the ages of 20 and 30 - who are typically first-time buyers - has gone up substantially, from about 16.5 per cent to almost 21 per cent," Mr Botha remarked.

Call for rate cut in South Africa

Thu, 9 Apr 2009 00:00:00 GMT

Interest rates in South Africa should be cut, a senior member of the ruling African National Congress (ANC) has argued.

Treasurer-general of the party Mathews Phosa told a meeting of business executives in Johannesburg that the South African central bank should trim its rates in response to the continued downturn in the economy.

Such a move may help lower the cost of mortgages in South Africa, which in turn could save on expenses for those buying property in the country.

Mr Phosa's call was not the only comment from the ANC this week suggesting more rate cuts are warranted.

Speaking after the G20 meeting in London, finance minister Trevor Manuel said: "Unlike in the US and the UK, we have plenty of room for further monetary easing and as inflation continues to fall, so, too, will our interest rates."

The main interest rate in the country currently stands at 9.5 per cent.

Old Mutual loses on Freddie Mac rescue

Wed, 10 Sep 2008 00:00:00 GMT

UK-listed South African insurer Old Mutual writes down $135m of stock in the two striken US mortgage giants...

Don't skip a bond payment

Sat, 28 Jun 2008 00:00:00 GMT

It may be difficult for you to meet all your financial commitments, but make sure you don't skip a mortgage bond repayment, because it will ultimately cost you a lot more than you may think...

It's much tougher for you to get a home loan

Sat, 28 Jun 2008 00:00:00 GMT

A tough economic environment, with high interest rates and inflation, means you are less likely to be granted a home loan or a loan at a favourable interest rate unless you can put down a significant deposit and have a good credit record...

Thriving rental property market opportunities in south africa

Fri, 20 Jun 2008 00:00:00 GMT

High interest rates are pushing up the demand for rental properties in South Africa according to the head of a leading property group...