“According to the latest statistics from BetterBond Home Loans, home buyers in SA now need to earn a gross monthly income of around R30,000.00 to buy an average home costing some R952,000.00.
The BetterBond figures also show that 64 percent of buyers currently have to pay a deposit in order to secure a home loan, and that the average deposit required for a home priced at R952,000.00 is around R99,000.00 – or 10,4 percent.”
“Before the National Credit Act, when the simple rule-of-thumb was that your monthly bond repayment should not exceed 30% of your gross salary, that would have meant that a gross salary of R24 700 was enough.”
Tight yes, but you need to make sure you still have money left out of your salary to service your bond after all the essentials such as food, transport and utilities have been taken care of.
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