lower home costs

The transfer duty on property is expected to be cut further when Finance Minister Trevor Manuel unveils the 2007-08 national budget on February 21 in order to make homeownership more affordable, managing executive of Absa Home Loans Gavin Opperman said yesterday.

The transfer duty on property is expected to be cut further when Finance Minister Trevor Manuel unveils the 2007-08 national budget on February 21 in order to make homeownership more affordable, managing executive of Absa Home Loans Gavin Opperman said yesterday.

"From a property market point of view, the budget has become increasingly important, as transfer duty on property has been reduced for the five successive years up to the 2006-07 budget," he said.

These adjustments resulted in the maximum value of a property exempted from transfer duty being increased from R70000 in 2001-02 to R500000 in 2006-07. - I-Net Bridge

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