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Buyers Guide

You have decided to enter the property market for the first time - but what next? Buying a house is a big financial commitment, and can be a lengthy exercise. Here is a home buyer’s guide that provides advice to help make the home-buying experience as easy and problem free as possible. You will find all the information you need about the process from house hunting and applying for a bond to transferring a house into your name.

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The hidden costs of owning a home
Before committing yourself to owning a home, you need to familiarise yourself with the hidden costs of home ownership such as the municipal rates, levies and home owners insurance. Learn how interest rates work and how they would affect you should an increase occur.

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Utility Fees
These fees are charged by your local municipality for the use of water and electricity.

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Rates, taxes and levies
These fees are dependent on your property type and are paid to the authority that services your property such as a body corporate or municipality.

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Homeowners insurance
When you apply for a home loan you will find that homeowners insurance is mandatory as it covers your property against loss and damage.

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Monthly home loan instalments
Your monthly instalments are made up of the amount needed to repay the loan amount and a portion of the interest on that loan amount.

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How the interest rate affects you
To know how the interest rate affects you, you have to first understand that interest is essentially a lending fee that the Bank charges you.


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