FINANCE
environment , receiving the best interest rate possible on your home loan is an effective way of keeping costs down and saving in the long run .
“ The advantage of using a home loan comparison service is that by submitting your application to multiple banks , you have multiple interest rates to choose from . Many applicants are unaware that they ’ re able to negotiate with the bank for a better interest rate , and that your bond originator will negotiate on your behalf ,” says Lomberg .
“ The country ’ s banks are actively competing for home loan business and the likelihood of you getting a rate below Prime is high .”
He adds that many homebuyers are quick to jump at the first offer , but that it ’ s important to compare and assess because even minor rate discounts can save you tens of thousands of rands in the long-term .
5 . The Often-Overlooked Fees Unpacked Finally , as a first-time homebuyer you should steel yourself for the additional , overlooked costs that come with buying a property . This
72 JUNE 2024 Real Estate Investor Magazine