{"id":32908,"date":"2025-04-02T08:44:44","date_gmt":"2025-04-02T08:44:44","guid":{"rendered":"https:\/\/www.premium-partners.net\/?p=32908"},"modified":"2025-04-03T08:59:38","modified_gmt":"2025-04-03T08:59:38","slug":"fast-track-your-journey-to-homeownership-with-these-financial-tips","status":"publish","type":"post","link":"https:\/\/www.premium-partners.net\/fr\/builder\/fast-track-your-journey-to-homeownership-with-these-financial-tips\/","title":{"rendered":"Fast-track your journey to homeownership with these financial tips"},"content":{"rendered":"

This post<\/a> was originally published on this site<\/a><\/p>

<\/p>\n

While 2025 has been marked as a turning point for South Africa\u2019s previously hesitant first-time homebuyers, the financial pressure on those looking to take the plunge cannot be underestimated.<\/span><\/p>\n

The recent Budget Speech underscored the ongoing challenges facing the country, many of which will impact consumers. However, Gavin Lomberg, CEO of <\/span>ooba<\/span> Home Loans, <\/span>emphasises<\/span> that a <\/span>favourable<\/span> interest rate environment helps ease financial pressure, making homeownership more accessible for aspiring buyers.<\/span><\/p>\n

Adding to this, Lomberg notes that while saving for a deposit is always the obvious answer, there are various other avenues that homebuyers can leverage to generate further savings in the <\/span>long-term<\/span>.<\/span><\/p>\n

\u201cIf planned carefully and correctly, the journey to homeownership can be a rewarding one,\u201d he says. \u201cBy taking calculated steps under the guidance of trusted professionals, would-be homeowners can save tens of thousands on their home loan, making homeownership an affordable and attainable goal.\u201d<\/span><\/p>\n

Pointing to the prevailing trend of building generational wealth, Lomberg adds, \u201cHomeownership goes beyond simply owning \u2018four walls\u2019 and a place to live. Today, aspiring homebuyers are leveraging property ownership as a wealth creation strategy for their families and future generations.\u201d<\/span><\/p>\n

Five Extra Ways to Save<\/span><\/strong><\/p>\n

1.       <\/span>Purchase properties under the new transfer duty limit<\/span><\/strong><\/p>\n

 <\/span><\/p>\n

Effective 1 April 2025, and subject to approval by Parliament of SA\u2019s 2025 Budget, the threshold for exemption from paying transfer duty has been raised by 10% from R1.1 million to R1.21 million, with all subsequent tiers raised by 10%.<\/span><\/p>\n

 <\/span><\/p>\n

\u201cThis adjustment is particularly beneficial for first-time homebuyers where the average purchase price currently sits at just slightly over the R1.21 million mark,\u201d says Lomberg, adding that it reduces the upfront costs associated with buying a home and will enable more South Africans to <\/span>realise<\/span> their dream of homeownership.<\/span><\/p>\n

 <\/span><\/p>\n

Transfer duties are taxes paid to SARS, starting at 3% of the purchase price, depending on the price bracket.<\/span><\/p>\n

 <\/span><\/p>\n

However, Lomberg <\/span>emphasises<\/span> that buyers are still responsible for conveyancing fees, bond registration fees, and Deeds Office fees.<\/span><\/p>\n

2.       <\/span>Use a home loan comparison service to secure a better interest rate<\/span><\/strong><\/p>\n

 <\/span><\/strong><\/p>\n

\u201cRather than simply approaching your bank for a home loan, it\u2019s strongly advised to shop around for comparative quotes,\u201d says Lomberg. \u201cA home loan comparison service like <\/span>ooba<\/span> Home Loans will negotiate with multiple banks on your behalf, ensuring that they compete for your business. In a competitive lending environment, this can translate into significant monthly savings.\u201d<\/span><\/p>\n

 <\/span><\/p>\n

As an<\/span> example, Lomberg notes that <\/span>ooba<\/span> Home Loans\u2019 average interest rate for customers is currently prime minus 0.55%. \u201cIf you were to accept a home loan of R 1 million at the current prime lending rate of 11%, you would pay R10,332 per month, versus R9,950 with an interest rate of prime minus 0.55%. Additionally, homebuyers can <\/span>choose to<\/span> pay the higher amount each month to pay off their home loan sooner.\u201d<\/span><\/p>\n

3.       <\/span>Access the First Home Finance government grant<\/span><\/strong><\/p>\n

 <\/span><\/p>\n

The First Home Finance grant is a subsidy for first-time homebuyers earning between R3,500 and R22,000 per month.<\/span><\/p>\n

 <\/span><\/p>\n

\u201cThis government subsidy can either be paid towards a home loan or <\/span>can be<\/span> allocated towards a deposit,\u201d explains Lomberg.<\/span><\/p>\n

 <\/span><\/p>\n

To qualify, applicants must be:<\/span><\/p>\n

\u00b7         South African citizens living in South Africa.<\/span><\/p>\n

\u00b7         Have not received this housing subsidy before.<\/span><\/p>\n

\u00b7         Be married, cohabiting, or single with financial dependents.<\/span><\/p>\n

\u00b7         Be over the age of 18.<\/span><\/p>\n

\u00b7         Have not previously owned a residential property.<\/span><\/p>\n

The subsidy amount ranges between R30,001 and R130,505, depending on income and affordability.<\/span><\/p>\n

4.       <\/span> Take advantage of attractive bank discounts and incentives<\/span><\/strong><\/p>\n

 <\/span>In a competitive lending environment, South Africa\u2019s major banks continue to attract buyers with special offers, competitive interest rates, and other discounts.<\/span><\/p>\n

 <\/span>\u201cEach bank\u2019s offering differs, but homebuyers can benefit from incentives such as discounts on bond registration costs and an additional discount in their home loan interest rate when moving their primary banking account to the approving bank,\u201d says Lomberg.<\/span><\/p>\n

 <\/span>5.        <\/span>Buy-to-let as a path to property investment<\/span><\/strong><\/p>\n

 <\/span>For those looking to enter the property market, a buy-to-let strategy can be an effective way to start building generational wealth. \u201cRather than living in their newly purchased home, the homebuyer rents it out while continuing to rent elsewhere or live with family or friends.\u201d<\/span><\/p>\n

 <\/span>Known as \u2018<\/span>rentvesting<\/span>\u2019, this strategy allows buyers to generate rental income to help cover their home loan and related costs. \u201cOver time, homeowners may choose to expand their property portfolio or move into a home once they have greater financial flexibility.\u201d<\/span><\/p>\n

 <\/span>By leveraging these financial strategies, whether through lower interest rates, government subsidies, or strategic investment choices, homebuyers can make the path to homeownership more affordable and achievable. \u201cWith careful planning and the right financial tools, securing a home in 2025 may <\/span>well<\/span> be more attainable than you first thought.\u201d<\/span><\/p>\n

PERSONAL FINANCE<\/strong><\/p>","protected":false},"excerpt":{"rendered":"

While 2025 has been marked as a turning point for South Africa\u2019s previously hesitant first-time homebuyers, the\u00a0financial\u00a0pressure on those looking to take the plunge cannot be underestimated.The recent Budget Speech underscored the ongoing challenges facing the country, many of which will impact consumers. However, Gavin Lomberg, CEO of ooba Home Loans, emphasises that a favourable interest rate environment helps ease\u00a0financial\u00a0pressure, making homeownership more accessible for aspiring buyers.Adding to this, Lomberg notes that while saving for a deposit is always the obvious answer, there are various other avenues that homebuyers can leverage to generate further savings in the long-term.\u201cIf planned carefully and correctly, the journey to homeownership can be a rewarding one,\u201d he says. \u201cBy taking calculated steps under the guidance of trusted professionals, would-be homeowners can save tens of thousands on their home loan, making homeownership an affordable and attainable goal.\u201dPointing to the prevailing trend of building generational wealth, Lomberg adds, \u201cHomeownership goes beyond simply owning \u2018four walls\u2019 and a place to live. Today, aspiring homebuyers are leveraging property ownership as a wealth creation strategy for their families and future generations.\u201dFive Extra Ways to Save1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Purchase properties under the new transfer duty limit\u00a0Effective 1 April 2025, and subject to approval by Parliament of SA\u2019s 2025 Budget, the threshold for exemption from paying transfer duty has been raised by 10% from R1.1 million to R1.21 million, with all subsequent tiers raised by 10%.\u00a0\u201cThis adjustment is particularly beneficial for first-time homebuyers where the average purchase price currently sits at just slightly over the R1.21 million mark,\u201d says Lomberg, adding that it reduces the upfront costs associated with buying a home and will enable more South Africans to realise their dream of homeownership.\u00a0Transfer duties are taxes paid to SARS, starting at 3% of the purchase price, depending on the price bracket.\u00a0However, Lomberg emphasises that buyers are still responsible for conveyancing fees, bond registration fees, and Deeds Office fees.2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Use a home loan comparison service to secure a better interest rate\u00a0\u201cRather than simply approaching your bank for a home loan, it\u2019s strongly advised to shop around for comparative quotes,\u201d says Lomberg. \u201cA home loan comparison service like ooba Home Loans will negotiate with multiple banks on your behalf, ensuring that they compete for your business. In a competitive lending environment, this can translate into significant monthly savings.\u201d\u00a0As an example, Lomberg notes that ooba Home Loans\u2019 average interest rate for customers is currently\u00a0prime minus 0.55%. \u201cIf you were to accept a home loan of R 1 million at the current prime lending rate of 11%, you would pay\u00a0R10,332 per month, versus\u00a0R9,950\u00a0with an interest rate of prime minus 0.55%. Additionally, homebuyers can choose to pay the higher amount each month to pay off their home loan sooner.\u201d3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Access the First Home\u00a0Finance\u00a0government grant\u00a0The\u00a0First Home\u00a0Finance\u00a0grant\u00a0is a subsidy for first-time homebuyers earning between\u00a0R3,500 and R22,000 per month.\u00a0\u201cThis government subsidy can either be paid towards a home loan or can be allocated towards a deposit,\u201d explains Lomberg.\u00a0To qualify, applicants must be:\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0South African citizens\u00a0living in South Africa.\u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Have not received this housing subsidy before.\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Be\u00a0married, cohabiting, or single with\u00a0financial\u00a0dependents.\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Be\u00a0over the age of 18.\u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Have not previously owned a residential property.The subsidy amount ranges between\u00a0R30,001 and R130,505, depending on income and affordability.4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Take advantage of attractive bank discounts and incentives\u00a0In a competitive lending environment, South Africa\u2019s major banks continue to attract buyers with special offers, competitive interest rates, and other discounts.\u00a0\u201cEach bank\u2019s offering differs, but homebuyers can benefit from incentives such as\u00a0discounts on bond registration costs\u00a0and an additional discount in their home loan interest rate\u00a0when moving their primary banking account to the approving bank,\u201d says Lomberg.\u00a05.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Buy-to-let as a path to property investment\u00a0For those looking to enter the property market,\u00a0a buy-to-let strategy\u00a0can be an effective way to start building generational wealth. \u201cRather than living in their newly purchased home, the homebuyer rents it out while continuing to rent elsewhere or live with family or friends.\u201d\u00a0Known as\u00a0\u2018rentvesting\u2019, this strategy allows buyers to generate rental income to help cover their home loan and related costs. \u201cOver time, homeowners may choose to expand their property portfolio or move into a home once they have greater financial flexibility.\u201d\u00a0By leveraging these\u00a0financial\u00a0strategies, whether through\u00a0lower interest rates, government subsidies, or strategic investment choices, homebuyers can make the path to homeownership\u00a0more affordable and achievable. \u201cWith careful planning and the right\u00a0financial\u00a0tools, securing a home in 2025 may well be more attainable than you first thought.\u201dPERSONAL FINANCE<\/p>","protected":false},"author":1,"featured_media":12755,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-32908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-builder"],"_links":{"self":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/32908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/comments?post=32908"}],"version-history":[{"count":1,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/32908\/revisions"}],"predecessor-version":[{"id":32909,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/32908\/revisions\/32909"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/media\/12755"}],"wp:attachment":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/media?parent=32908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/categories?post=32908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/tags?post=32908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}