100% home loans are booming - here's who can apply | BISouthAfrica
With interest rates at its lowest level in almost 47 years and house prices under pressure, some first-time buyers are grasping the opportunity.
For first-time home buyers – and those still left with an income amid the coronavirus crisis – the time could be ripe for a climb up the property ladder. Apart from historically low interest rates, house prices are under pressure, with some estimates thatThere is no transfer duty on properties selling for up to R1 million. Also – you may not need a deposit.
Geoff Lee, managing executive of home loans at Absa, says the bank has seen an increase in the number of home loan applications as well as an improvement in the “quality” of the applicants in June, compared to previous months.
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