Need your property questions answered?

Billy Fick – Seeff Property has the expert answers.

Q: What are the main requirements to buy a home?

A:

1. A Solid Credit Score You generally need a score of 620 or higher. To build this, you must have some “good debt”—like a credit card or retail account—paid in full and on time every month. Pro tip: Keep your credit usage low; don’t max out your limits.

2. Proven Affordability Banks typically allow you to spend up to 30% of your gross monthly income on a bond repayment.

• Example: If you earn R20 000 pm, your max repayment is R6 000 pm.
• This qualifies you for a property priced at approximately R600 000.

3. Strength in Numbers You don’t have to do it alone. Buying with a partner, friend, or family member combines your incomes, significantly increasing your buying power. Just remember: they will legally be co-owners of the home.

4. Budget for Hidden Costs Don’t forget bond registration and transfer fees. While these are usually paid upfront, many banks now allow first-time buyers to include these costs in their total loan amount.

Got a question, ask me!
Billy 017 634 6789 or send your questions to secunda.admin@seeff.com