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Home Income Plan
Tuesday, July 31, 2007 (158 reads)
Some time last year, we wrote about international "equity release" products. This week, we bring you more detail on SA's only "equity release" product, the "Nedbank Home Income Plan".
Such products are also known as "reverse mortgages". This is because, unlike traditional products where a bank advances capital to you on the basis that you'll repay the capital and interest over an agreed period, a "reverse mortgage" allows you to release equity in your home without having to repay the capital and interest until the property is sold (or certain other events happen).
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What landlords and tenants should know about the provisions of the Rental Housing Act.
Monday, July 30, 2007 (166 reads)
The Rental Housing Act 50 of 1999 ("the Act") came into effect on 01 August 2000. The aims of the Act are to regulate the relationship between tenants and landlords by laying down general requirements relating to leases, making provision for the establishment of Rental Housing Tribunals in each province, and laying down general principles governing conflict resolution in the rental housing sector.
This article seeks to provide a summary of the key provisions of the Act which would regulate the common causes of disputes that occur between landlords and tenants, and to thereafter provide an overview of the dispute resolution procedure created by the Act for the resolution of disputes between landlords and tenants.
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APUT welcomes Jo'burg's property rezoning plans
Friday, July 27, 2007 (176 reads)
Business Day - South Africa
The Association of Property Unit Trusts (Aput) has welcomed the City of Johannesburg's plan to dramatically improve its turnaround time for building and rezoning applications.
However, the council needs to apply the same logic to the full ambit of services offered to property owners, it says.
Aput, which represents the property unit trust sector on the JSE, said yesterday that the plan announced recently by the city's planning chief for urban development, Prof Philip Harrison, was a "fantastic start", but that the problems with delays did not just apply to zoning applications.
Aput spokesman Craig Hallowes said problems with opening and closing of municipal accounts could also delay the transfer of properties.
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English Fraud
Friday, July 27, 2007 (144 reads)
DEPOSIT AND REFUND SCAMS
Deposit and refund scams are on the increase and YOU may be at risk of becoming a victim. The deposit and refund scams work on the same premise: a fraudulent cheque is deposited and misrepresented either as cash or as an electronic funds transfer (EFT). The perpetrators will then create or amend a document to reflect the credited funds as being cleared. A cheque deposit slip will be amended to reflect as cash or a fraudulent internet payment confirmation will be generated.
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Huge Housing Scheme For Soweto
Thursday, July 26, 2007 (170 reads)
Members of Parliament were told on Wednesday that a major housing development is being planned for an area west of Soweto which will consist of 25,000 housing units.
Housing Minister Lindiwe Sisulu said in reply to a written question from ANC member Sisa Njikelana that the project is going to be one of the biggest ever initiated in Gauteng since the approval of the comprehensive plan for the creation of sustainable human settlements.
"The project will comprise mixed income, mixed design and mixed tenure housing options with a significant agriculture hub," she said.
The project is currently referred to as Doornkop Greenfields and is situated directly west of Soweto, north of Protea Glen and south of Slovoville
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Shock-proof Your Property Portfolio
Wednesday, July 25, 2007 (160 reads)
During the last five years it has paid handsomely to be an optimist on both the JSE and the property market. Those that have had the utmost faith in the positive forces of our economy have gained tremendously.
However, according to Guy de la Porte of Bales Delaporte, Commercial Property Dealmakers, it may be time to become a little more conservative.
"Over the last 13 years the South African economy has done little wrong in terms of managing any possible downturns. In early 1997, the SA economy was moving forward in a well-managed and stable manner. All of a sudden, global events took control and the crisis of 1997 was sparked by international loss of faith in emerging markets, initiated by events in the East. This saw South Africa's interest rates peaking at 25,5% - a fact which makes many young, new property owners blood run cold."
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You're free to choose your homeowner's cover
Tuesday, July 24, 2007 (165 reads)
The National Credit Act, which comes into full force in two weeks, will entrench your right to choose your homeowner's insurance, opening up the market to increased competition and prompting mortgage bond originator Mortgage SA to launch a building insurance policy this week.
Homeowner's, or building, insurance typically covers risk to the bricks and mortar or immovable structures of your home and its outbuildings, including the fixtures, fittings and the improvements, such as granny flats, thatched lapas and swimming pools. It should not be confused with household insurance, which is cover for the movable contents in your home, including furniture and jewellery.
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Rand and Bonds
Monday, July 23, 2007 (173 reads)
The rand firmed slightly against the dollar on Friday, but the previous day's excitement over possible investor inflows faded and emerging market nerves re-emerged.
At 5pm the rand was bid at R6.8508 a dollar, 3.02c stronger than on Thursday.
The currency was stuck in a range for about two weeks but broke out on Thursday, touching an 11-month high on news that Nedbank was a target of a possible takeover by Standard Chartered.
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Credit card accounts
Friday, July 20, 2007 (215 reads)
Most of the banks have revised their credit card fees and interest rates as a result of the National Credit Act (NCA) replacing the Usury Act. Although interest rates are likely to stay the same for existing accounts, interest rates on new cards will be based on your credit history and risk profile.
You should also check the charges on your account because it may now be cheaper to operate secondary cards or to use an electronic account option.
Fees
As is the case with vehicle finance agreements, in terms of the NCA, the maximum initiation fee on a credit card is R150, plus 10 percent of the agreement in excess of R1 000, but limited to R1 140 (including VAT).
In terms of the Act, a further R57 a month can be charged as an administration fee on credit cards.
There is a lot of competition in the credit card market, with many retailers and airlines introducing credit cards. As a result, none of the banks has taken advantage of the opportunity the banks now have under the NCA to charge you the maximum initiation fee plus the monthly administration fee.
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Personal loans
Friday, July 20, 2007 (256 reads)
Fees
The maximum initiation fee allowed on a personal loan under the National Credit Act (NCA) is R150, plus 10 percent of the agreement in excess of R1 000, but limited to R1 140 (including VAT). A further proviso is that the initiation fee may not exceed 15 percent of the principal debt.
In terms of the Act, a further R57 a month can be charged as an administration fee on personal loans.
ABSA. ABSA says before the NCA was implemented, personal loans did not attract an initiation or a monthly service fee, but, if you settled the loan early, you were liable for up to three months’ “early settlement interest”.
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