What to look for when moving from tenant to homeowner
Interest rate favours borrowers
Your decision to rent or buy a home is largely driven by your personal circumstances, such as life stage; need for short-term flexibility and disposable income. However, there is one external factor that can impact your decision to become a homeowner, regardless of the changes in your personal circumstances, and that is the prime interest rate.
For many South Africans who rely on credit to facilitate the purchase of large assets, such as cars and property, the prime interest rate is a key consideration. In the context of home loans, this is a key deciding factor because it controls how much money you end up paying monthly and over the life of the home loan...