FINANCE
In the digital era , it ’ s easy to receive a pre-qualification certificate for a home loan online . A pre-approval is soughtafter by first-time homebuyers for two reasons :
• Improves your chances of being approved for a home loan / mortgage The ooba ’ s latest oobarometer shows 90.4 % of homebuyers who undertook the bond pre-approval process were approved in Q1 of 2023 .
Lower interest rates Dyer adds that , ‘ in a tough economic climate with climbing interest rates . We have achieved an average interest rate of prime less 0.45 % for our clients during Q1 of 2023 . Incremental discounts can make a big difference in your repayments over the long-term .’
Essential 3-Step Guide An online bond indicator gives you a competitive edge when investing in
• Gives you a clear idea of what you can realistically afford prior to shopping around for properties . Rhys Dyer , CEO of ooba Home Loans says that ‘ each bank has different lending criteria and terms and conditions , that ’ s why it ’ s important to source multiple quotes before accepting a home loan offer . Once you have found your property , we send your application and pre-qualification certificate to eight financial institutions to ensure that you receive the best possible interest rate and deal on your bond .’
65 JUNE / JULY 2023 SA Real Estate Investor Magazine