When is the
right time to
buy property

If you’ve been dreaming of becoming a homeowner, this is a great time to turn that dream into reality.

While economic conditions may seem challenging on the surface, GetGo Home Loans is here to guide you through the process.

Affordability is within reach

The biggest hurdle for many buyers is understanding what they can truly afford amid rising interest rates. As the South African Reserve Bank aims to stabilise the economy, the prime lending rate currently sits at 11.75% based on a repo rate of 8.25%.

Interest rates have ticked up over the past year, but this shouldn’t deter you from pursuing your homeownership goals. In fact, experts predict the prime lending rate will start easing back down from mid 2024 onwards. This positive shift will make those monthly bond payments even more manageable.

Getting pre-approved will help you understand what bond you could comfortably afford irrespective of the fluctuating interest rates. A pre-approval is a quick indication of the home loan size that the major banks may be willing to offer you based on your affordability, credit score and other financial information.

With a pre-approval certificate in hand, you gain credibility as a serious, qualified buyer ready to act quickly on your dream home. Pre-approval also strengthens your negotiating power, allowing you to secure the best possible deal. We guide you through this vital first step to ensure your homeownership goals align perfectly with your long-term budgeting capabilities.

Staying on top of additional expenses

Buying a home involves numerous upfront and continuous costs beyond just the bond itself. Upfront costs include transfer costs such as the conveyancer’s fee for property transfer, transfer duty, sundries/postage & petties, and the deeds office registry fee. The bond registration costs like the conveyancer’s fee for bond registration, sundries/postage & petties, and deeds office registry fee also need to be accounted for. Additionally, there are various hidden costs like moving expenses, repairs/maintenance, homeowner’s insurance, rates/taxes, and monthly utilities. For a comprehensive overview of all potential costs, please refer to our Home Loan FAQs. Understanding and planning for these expenses are crucial.

Failing to accurately budget and plan for all these associated homeownership costs can quickly put strain on your finances down the road. At GetGo Home Loans, we take a comprehensive look at your full financial profile to ensure you have a realistic picture of your maximum home price based on bond costs plus all potential upfront and continuous expenses. This protects you from spending a significant portion of your income on property-related expenses, leaving you with little money for other expenses and saving.

Capitalising on prime conditions

Make no mistake – the South African housing market is primely positioned for buyers to pounce. While rising interest rates seek to stabilise the broader economy over the next 1-2 years, this also translates into less competition from other purchasers and increased negotiating power for those prepared to act.

Better yet, new regulatory changes are levelling the playing field for consumers. Revised legislation like the Property Practitioner Act and Sectional Titles Amendment Bill are ushering in stronger protections, ethical standards, and transparency around residential transactions.

Become a homeowner with our help

While South Africa’s housing sector has seen better days from affordability and availability perspectives, the current dynamics still present opportunities for savvy homebuyers able to act nimbly. GetGo Home Loan’s experienced team have their fingers on the pulse of all relevant economic and property metrics. Whether challenges like rising interest rates or high demand causing low inventory levels stand in your way, we’ll assess your specific situation to uncover smart solutions. Let us battle the market stresses for you, so all that’s left is moving into your dream home!

Reach out today to start your journey.