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Home loan fees
Friday, July 20, 2007 (122 reads)
Most banks deny they have hiked the fees they charge on home loans to the permitted maximums, but Personal Finance's investigation has revealed that many have raised their fees. The banks have defended their increases by saying they no longer recover other charges they used to levy during the life of the loan.
The banks say their fees for home loans that came into existence before June 1 this year, when the National Credit Act (NCA) came into full force, will remain unchanged, unless a particular fee has been scrapped or reduced in terms of the NCA.
They say the regulation of fees under the Act applies only to new loans entered into since June 1.
In terms of the NCA, banks and other institutions that offer you a home loan can now charge you an initiation fee of R1 000, plus 10 percent of the amount of the loan in excess of R10 000 plus VAT. The fee is capped at R5 700 (including VAT).
Previously, banks typically charged an initiation fee, as well as a valuation fee. But they may no longer charge you a valuation fee, and the cost of valuing your property must be included in the initiation fee. In addition, you may be charged a monthly service fee, which the NCA limits to R57 (including VAT).
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It pays to shop around when you want a loan
Thursday, July 19, 2007 (98 reads)
Don't let credit providers con you into believing that the National Credit Act means they have to charge you the maximum interest rates and service fees.
Many banks, microlenders, retailers and other credit providers have changed their fees and interest rates on credit agreements, citing the National Credit Act (NCA) as the reason for the changes.
In some cases, you may benefit from the changes, but if you plan to take out a home loan, finance a vehicle, open a credit card account or buy something on credit, make sure you do some homework on what is available, because there may now be more opportunities for you to find a better deal
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Vehicle finance agreements
Thursday, July 19, 2007 (124 reads)
Fees
A vehicle finance agreement is one credit agreement that seems to be attracting the maximum fees allowed under the National Credit Act (NCA). Banks say the maximum initiation fee they are now charging is a reduction on the average "documentation fee" they were charging previously to initiate vehicle finance agreements. But at least two banks have introduced monthly administration fees on these agreements that were not charged before the Act was fully implemented on June 1.
Existing agreements will not be affected, but be aware that these charges will apply if you trade a vehicle in for a new one.
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Strong Market For Top End Homes
Wednesday, July 18, 2007 (112 reads)
Despite the reported slowdown in the property market in general, Pam Golding Properties' Western Cape metro region reports healthy activity in its top end sales. Not only has the ceiling for this segment of the market stretched significantly, but the number of multi-million rand homes being sold remains high, with agents reporting plenty of interest and activity in this area.
Pam Golding Properties' (PGP) regional MD, Mick Joyce, said it is not really surprising that the top end of the market is performing well, given the current economic climate.
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Africa's Role In Sa Listed Property
Wednesday, July 18, 2007 (94 reads)
At Sapoa's recent annual convention, the question that came to the fore was how Africa fits into the equation when it comes to selling South African listed property internationally, taking into account that local listed property companies are desperately seeking to grow their asset bases. Frank Berkeley, managing director of Property Finance at Nedbank Corporate, and Norbert Sasse, CEO of Growthpoint Properties, were on hand with responses.
According to Berkeley, South Africa is so big that there are "certainly opportunities for local listed property companies seeking expansion".
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Now’s the time to buy or build
Tuesday, July 17, 2007 (106 reads)
The National Credit Act (NCA) and rising interest rates have conspired to transform a sellers market into a buyers’ one-but don’t take too long if you are hoping to build or buy at a good price.
A window of opportunity has opened up for those looking for bricks-and-mortar “bargain”, but it’s not going to stay open for long.
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Ct Council Offers Rates Relief
Tuesday, July 17, 2007 (100 reads)
The City of Cape Town has urged pensioners, people with disabilities and other property owners battling to afford their monthly rates, water and electricity bills to register for additional indigent and rates rebate support.
Over the last year the City of Cape Town went on a "debt drive". The drive resulted in the council identifying two types of debtors, those who could pay for their rates and services, but did not and those who wanted to pay for their rates and services, but could not as a result of poverty, unemployment, being pensioners etc, says Trevor Blake, the City's Manager for Debt Management.. |
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Nca: Low Income Market Hardest Hit
Tuesday, July 17, 2007 (94 reads)
The National Credit Act (NCA) has the greatest impact on low-income earners and, while it has affected the property market across the board, has delivered a devastating blow to the growing township property market.
According to First National Bank's (FNB) Residential Property Barometer released in March this year – before the NCA came into effect - property price increases in the upper-middle and premium markets had slowed substantially to single-figure growth, but the year-on-year fourth quarter price increases for 2006 in Cape Town's lower-priced market for properties below R500 000 stood at 16%,
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Nca- Bringing Sa To Its Knees?
Monday, July 16, 2007 (100 reads)
Is the NCA going to bring the country to its knees? Karen Wheller of the Property Investor Network takes a look at the big picture.
It has been a whole month and a half since the NCA has taken its' full force and affect and the horror stories are starting to pour in. I realize that the whole picture of the NCA is not fully clear yet, but the effects have started to take shape.
Some comments, stories and situations have brought to the sad - and hopefully wrong - conclusion that the NCA has the full capability to bring the country to its knees. Let's hope we are wrong.
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Jhb Rents Outstrip Cape Town
Friday, July 13, 2007 (95 reads)
Contrary to popular belief, it is more expensive to rent flats and apartments in Johannesburg than in Cape Town. Latest figures from property economists Rode & Associates confirm that Johannesburg tenants are paying more on average for rental accommodation than their Cape Town counterparts.
For instance, in Johannesburg standard-quality, one-bedroom flats/apartments were fetching an average monthly rent of R2 317 in first quarter 2007. At the same time, monthly rents for one-bedroom units in Cape Town were at an average R2 210.
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