These are your options, pay 11.25% interest on a home loan or 100% interest to your landlord?
Although the interest rate may have gone up by 0.50%, it does not change the fact that the interest rate on renting a property remains at 100%.
Your monthly rent payment is equivalent to 100% interest because every month you are paying for a place to live, for that month only, and you will pay rent through your retirement, for the rest of your life – with no return on investment.
On the other hand, should you buy a home, your monthly instalment means that you are buying and paying for a property which you will eventually own, you can live rent-free through your retirement as well as being able to bless it to your family in your will!
To run some numbers and see the value of your current financial status, which may in all likelihood, be affordable and to acquire a home loan contact Martin at 082 447 3463 or Kim at 079 835 1476