Tips on scoring home loan finance - Property24, 23 August 2012South African single women account for approximately 9 percent of residential property buying while single men account for 8 percent, says FNB. Clinton Martle, sales strategist at FNB Home Loans, explains that although they do not have gender specific statistics on home loan applications, they are able to reveal that 9 percent of home buyers are single women, 8 percent single men with the balance made up of couples. Martle emphasises the point that whether men or women, all home loan applications are assessed on merit of income and security. He says this is largely driven on the back of combined incomes affording more suitable larger type homes. “By combining incomes, would-be buyers are able to buy properties better suited to their needs.” Factors such as net disposable income and existing debt exposure coupled with living expenses all play a part in securing finance, he says. Martle points out that since the implementation of the National Credit Act living expenses have become important aspects of assessing credit and often joint incomes are required to offset living expenses. “Deposit requirements are also not driven on the back of gender and rather on the dynamics of the application assessed,” he says. Factors such as supply and demand, upkeentenance, credit profile and payment history are factors that will drive deposit requirements. In the past two weeks, we have looked at ways of saving money and not relying on a man, and we also looked at ways of taking control of our money. Now that these plans are firmly in place, it’s probably time to think about buying a home instead of renting one, provided you can afford it of course. Low interest rates are making it easier for home buyers to enter the property market and banks have are also reportedly loosening their purse strings. However, there are some reasons why banks reject home loan applications and Martle provides an easy guideline on what to do to prepare for that big purchase – your dream home. While this article is mainly aimed at women (it being Women’s Month), home buying and home loan applications apply to anyone wanting to buy and own property.
Posted on: Fri, 05 Jul 2013 02:36:37 +0000
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