First Time Home Buyers: Commonly Asked Questions

First Time Home Buyers

Many first time home buyers have turned to the affordable homes at Bardale Village as the property choice to set them on the path to financial security.

With this in mind, Bardale Village strives to take on the role as your property guide, providing tips and advice that enables you to find your dream home and climb the property ladder with confidence.

We’ve put together a list of some of the most commonly asked home buying questions to help ease the process.

How Much Can I Afford?

The first step for first time home buyers is discovering your accurate price range. This will assist you in using your house hunting time more efficiently.

While it’s important to identify the amount of money you’ll be able to borrow for your new home, it’s even more important to calculate the monthly repayments that you’ll be able to afford.

Your affordability should be used as the main factor when deciding what loan amount to apply for.

You can use the Bardale Village affordability calculator to easily discover your affordability.

How do Lenders Award Loans?

Bond applications are typically declined due to issues with affordability or your credit profile.

The National Credit Act (NCA) entitles you to one free credit report each year, allowing you to easily identify any issues.

Besides affordability and credit record, other deciding factors would include:

  • Your current financial position
  • Likelihood of your financial situation changing in the following few years
  • Whether your income is fluctuating or steady

What Information must I Submit to the Bank?

When it comes to the home loan application process, banks will require information that enables them to form an understanding of your financial situation.

This typically includes salary slips, bank statements, assets and liabilities document and information on your credit history.

How can I Lower my Monthly Repayments?

It makes sense that the less you owe, the smaller your monthly repayments will be.

With this in mind, the best way to lower your repayments is by putting down a larger deposit and never missing an opportunity to pay extra into your bond.

Even small additional payments can go a long way in reducing interest payable and shortening the term of the loan.

How can I get the Best Possible Interest Rate?

The lower your risk is to the bank, the better your rate will be.

When calculating your level of risk, the bank will include factors such as the size of the loan, the amount of deposit put down to offset against the purchase price as well as the bond repayment-to-income ratio.

How can I Arrange my Bardale Village Viewing?

With a massive variety of houses available, your dream Blue Downs home is waiting for you at Bardale Village.

Contact us today to arrange your viewing.

Or connect with us on Facebook and an agent will be in touch!

You can also contact us direct via:

Office number: +27 (0)21 909 0301


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