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From category archives: Phoenix Bonds News Blog

Home Loans

2023 – What’s in store for interest rates?

The Monetary Policy Committee (MPC) meets six times a year to set interest rates and battle inflation. Economists’ projections can be varied, but the result is typically in the middle. A collection of estimates across the industry has allowed the team at Phoenix Bonds to put together an “average” interest rate forecast for 2023.

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What are home loan interest rates and how do you pay less?

Most homeowners in South Africa require a home loan to purchase a home they want to live in, and paying interest on that loan is part of life. In this article, we unpack home loan interest and explains what it is, how the amounts that you pay are determined and how you can pay as little interest as possible when you buy a home.

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Interest Rate Hikes – There is Hope in the World of Real Estate

Our independent bond originators in South Africa have been following the market closely and aim to put your mind at ease as we explain how home owners, landlords, and tenants can still benefit from staying in the property market.

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Three insurance policies to consider when applying for a home loan

When selecting insurance policies, you shouldn’t just be concerned with your premiums. It’s more important to know your excesses, exclusions, and potential payouts. A tailor-made and flexible policy will ensure that you are only paying for the things you need.

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Why interest rates must rise in November 2022

There’s a sense of uncertainty out there. Inflation is rising, interest rates have just been increased and share prices have dropped. Predictions of a possible recession are looming. It’s easy for purchasers looking to buy a property to get disheartened, but it’s more important to consider short-term market announcements in the context of long-term economic trends.

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Self-Employed Home Loan Applicants – What are the banks looking for in the documentation?

Self-employed home loan applications are notoriously more difficult to get approved than other types of applicants – but they don’t have to be. In many instances, self-employed purchasers can afford the bond… it’s just about knowing what the banks are looking for in the documentation. Read the information below and then let our experienced bond originators assist you in the way forward - to get the best possible offer, at the bank that is right for you.

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Foreigners Buying Land in South Africa

The good news is that buying land in South Africa as a foreigner is possible. However, there are a few things to be aware of if you are a foreigner wanting to invest in property in South Africa. In this article, we answer some of the questions you might have about buying land in South Africa as a foreigner.

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Why Banks Avoid Repossession when you Default on Your Home Loan

If you default on your bond repayment, your bank can potentially repossess your house and sell it to recover the money that you still owe to them. However, there are some very sound financial reasons why the bank will avoid doing this.

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Does Property Location Affect My Interest Rate?

When it comes to your home loan application, geography matters. Banks have an area classification risk rating that is factored into the customer’s overall risk assessment. The outcome of this risk assessment is what determines the price of your loan, or the interest rate the bank will offer you.

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My credit score and affordability are great, so why was I declined?

The bank will assess your application by way of a sustained affordability test – assessing future economic factors as well as current ones. The main ones include interest rates and inflation. Read on to learn more...

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