First house I bought, I ended up taking out credit cards to cover all the additional fees (bond registration etc.) This is very informative. The prep or ground work required before actually buying is always overlooked...When lawyers want their money, bayayi funa!
Hi Njabulo, As a first time buyer, did you apply for the FLISP? I'm considering purchasing property but want to find out If I can use the subsidy to cover such costs?
Hi Obakeng. I did not apply for it. When I read through the requirements I would not have qualified or rather the chances of me getting it where slim, given my income and the fact that I do not have any dependents. However I would recommend that you do, you never know, you might just get it and anything helps. Also, what I would suggest is buy something new (where you are the first owner) to avoid transfer fees. But do as much research and prep work as possible
@@karabomotloutsi5395 Take your time and dont panic when your not in the right position to buy something that is your first preference (I did that) there is always something better around the corner. The worst thing you can do is get into more debt on top of your bond repayments. Pay the transfer fee's, lawyer fees etc out of pocket.
Nicolatte my sister, I always watch your videos and I am ever grateful for the stuff you share :) but, I don't think there will ever be one that I am grateful for more than this one. Thank you so much!
You could be a great teacher, the way you simplify things it's soo fun and easily understandable..a variable rate hurt me on my first car in 2015, then I bought a second car and chose fixed rate. Now I'm done paying my car this year in October. Your videos are soo informative and they force a person to relook and make changes in their financial life
@@obakengleseyane6493 the variable was lower compared to fixed rate. But knowing the interest rates are unpredictable and chances of them going up are higher, I settled for a higher rate that's fixed than variable rate that's gonna change and become much higher later.
Very informative, thanks financial bunny... And agents only want to sell and hide certain information, it is important to do your own research before buying.
Hi Nicolette, thank you for being so informative. I’ve been watching from Namibia. Kindly assist to explain the calculations on how you save on interest rates when you pay in additional amount on top of your minimum premium. Thank you 😊
Thank you for this video and a special thank you for preparing me prior to buying my first property as I was able to apply your teachings and that made the process less overwhelming.
This is a great video, like the part you were talking about the place you are staying and that person was not convinced coz their boss has an infinity pool in that area 😂😂😂
Forgot the additional costs such as home owners cover and life insurance which some banks (if not all) require at the time you sign the bond registration with their lawyers. Another recurring cost.
Ma'am, thank you. I geel a vot kore confident to take the step now. With these tips, I have a starting point to research about the credit facilities in my country, and the confidence to know what im getting into. Thank you
I feel so bad, I started watching these videos after purchasing because I felt it that there is a lot that I am missing out on and I have just been accepting whatever I was told. Mmmmaweeeee Sesi Nico😩😩😩ke batla go boledishana le wena personally 😂
I think you need to do something on freestanding units vs sectional titles. What are the pro's and cons? This video was rather too short, but great nonetheless.
😅🤦🏾♂️🙌🏽💚💙❤️💛💜me and my wife bought a house 2months back oh my gosh l wished l wasn't born... right now things are terrible as we speak yaah neh the biggest part is no one will help you and no one will understand your situation but...the problem is we didn't do much research 🤦🏾♂️life goes on
Incredible information! PLEASE EDUCATE THESE PEOPLE IN SA. FINANCIAL LITERACY. PLEASE for the love of GOD! We are taken advantage of CONSTANTLY especially people of colour because we are not financially literate and we do not understand the gravity of the financial decisions we make! PLEASE MORE VIDEOS LIKE THIS.
I paid additional amounts on an account, the credit provider continued to deduct and i eneded up paying more than what i owed. Ive been emailing and although they admit they have overcharged me they have not paid my money back. 😢 im debt free but my planned budget is now fucked and i have to borrow just to make it through the month.
Hi Nicollete, which interest rates qualify as an amazing ones? Asking out of curiosity, for a rate I got on my current home, and is it possible to ask the bank to review the rate (after accepting the bond)? And if it is possible, how long after receiving the bond can you approach the bank? Kind regards.
Hie Nicolette which are the best ways to fix my Credit score fast. yes im going to payoff my Clothing Account after tt how can i build my credit score i want to buy a house thru home loan
@@FinancialBunny more specifically will ceding the life cover add "weight" to the bond application in the case where the credit score is not that great (due to minimal/zero debt)? PS Thank you for the reply.
The issue is most bonds are 20 years so the interest rate will go crazy in that time! This is a HUGE RISK. Ask yourself how many times the interest rate has gone up in the past 5 years.
I remember I aggressively paid of my accounts because of Nicolette 2020 I was debt free tjo guys I relapsed late last year late but I am aggressively paying again
@@FinancialBunny Can we have content about pros and cons of building in the rural areas i know your content is mostly based on finance but the life is expensive now so we would like to know if moving to the rural areas is smart home?
Then you don't owe anyone and plus there isn't a bond to be registered. however everything else is still applicable like transfer fees and all. Its just that the sale is between you and the seller through lawyers
I saw a video stating that if you arrange with the bank, you can pay your monthly installment of the property daily instead of monthly, divide it by 31 days and that will cut off interest, is that true?
Advantage: Fixed instalment for life. Disadvatage: Even if the interest rate is dropped to 0%, you will never benefit from that, you will still pay your 14% fixed rate :(
Hi Nicolette, Can you please talk about repo rate and how it affects home owners and the property market. Heard from Yolz on Yolz channel that houses will be a little less next year June. Can you please break it down for us.
I have been wanting to buy my first home for the longest time but the inflation says no. I just feel like now is not the right time with cost of living and I am also current working and paying for my own studies. Don't want to be in a financial pickle.
Hi Nicolette, thanks for the advice, greatly appreciated! Just wanted to clarify an error, 10% of a million rands is R100 000 and not R10 000 as articulated. Once again, thanks for the advice💖🙏
Hey, I think she was making an estimate of how a 1 million rand house with a 10% interest rate from the bank would be approximately R10 000 in monthly repayments not neccessarily that 10% of a million is R10 000. 🤍
@@FinancialBunny if I sign for 12months I move from 11,36% to 11.95% 12 months 11.36 to 12% 60 months 11.36 to 12.35% Excluding home owner’s cover and life insurance premiums Oh the flexi facility will be revoked too
Hi Nicolette, thank you for being so informative. I’ve been watching from Namibia. Kindly assist to explain the calculations on how you save on interest rates when you pay in additional amount on top of your minimum premium. Thank you 😊
