The lockdown and its economic fallout are seeing many homeowners stressed about meeting their bond repayments.
Conditions could also deter potential buyers from entering the market, says Leonard Kondowe, national admin hub manager for Rawson Finance.
There are, however, achievable solutions for homeowners and prospective buyers. Not only are lenders being supportive of homeowners in financial difficulty but many loan agreements have built-in credit insurance which could help homeowners cover bond repayments until they’re back on their feet.
New buyers can be prepared by getting prequalified. “This gives you a clear idea of your buying power and should bring to light any issues with your credit record that need attention…”
Kondowe says this not only gives buyers the best chance of favourable interest rates from lenders but also enables them to make informed decisions as to what they can afford.
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