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Property 24/10 - 442

28 February 2019

Struggling to get a home loan? There's a new financing option
Partnering with Sentinel Homes, South African bond originators ooba and BetterLife Group have extended their range of home financing options to better meet the needs of people who struggle to obtain home loans from banks.

“The alternative financing option from Sentinel Homes enables ooba to offer home buyers who do not qualify for a conventional home loan another financing solution,” said Rhys Dyer, CEO of ooba, one of the largest South African bond originators. “This makes homeownership more accessible.”

Mary Lindemann, Operations Executive of BetterLife Group, South Africa’s largest home loan originator, says: “This offering is a good alternative for home loan consultants to fulfil more people’s dreams of owning a home. Sentinel Homes’ financing solution plays a significant role in providing a solution to home finance, which falls outside of traditional bank lending policies. A wider offering also positions BetterLife as an innovative business with a strong focus on meeting customers’ needs.”
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How you can make the most of ‘sturdy’ interest rates
There are two ways to react when things are going well. Either you can relax and enjoy the season of good news, or you can seize it as an opportunity to make the inevitable challenging seasons ahead a little more bearable.

While South Africans may have celebrated January's Monetary Policy Committee announcement to keep the prime lending rate unchanged at 10.25% and the repo rate at 6.75%, homeowners should also prepare for the possibility of higher interest rates as the year progresses.

“I would recommend that homeowners tighten their belts now in preparation for incremental increases throughout 2019 by investing an extra 0.25% of their home loan instalment in an interest-bearing account," says Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett. "That way, if an increase occurs, homeowners will be prepared for living off a slightly smaller amount. Also, there will be a little emergency money set aside to provide for some financial breathing space if necessary.”
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Tourism is great for South Africa’s property market, here’s why
With beautiful beaches, magnificent mountains, great weather, dynamic cultures and a very favourable currency, South Africa makes for a wonderful tourist destination.

But it’s not only great for visitors, it’s also a great boost to our economy when foreigners choose to spend their pounds, dollars or euros upon our sunny shores, says Bruce Swain, CEO of Leapfrog Property Group.

For some time now there has been a noteworthy focus, from both government and business, on growing the tourism industry in the country as it is the one area of the economy that allows for exponential growth and job creation.
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What new proposed legislation means for landlords and tenants
Although a date is yet to be set for the implementation of the looming Rental Housing Amendment Act, many of the proposed changes, including criminal liability for non-compliant landlords, have sparked considerable concern.

However, many property professionals believe that there is little or no cause for concern as long as all parties are well informed and compliant - and that the amendments could, in fact, have a positive impact on the market and encourage rather than deter investors.

“The new act actually highlights and remedies a number of practical and statutory weaknesses in the current act, and the proposed changes will eradicate any existing blurred lines, making it easier for landlords and tenants to comply,” says Lorraine Dellbridge, Rental Specialist in the Southern Suburbs for Lew Geffen Sotheby’s International Realty.
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