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How does a first-time homebuyer loan work?

A first-time homebuyer loan works the same way as any home loan, except that the bank may be more willing to grant special deals for first-time homebuyers, such as the 100% home loan which removes the need for a deposit.

First-time homebuyers also have exclusive access to the government subsidy known as First Home Finance (FLISP). This is available to first-time homebuyers with a low income (R3 501 to R22 000 per month).

There is increased competition between banks to secure home loan customers, and first-time homebuyers can take advantage of this by applying to multiple banks so they can compare the deals offered and choose the best one.

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Ooba home loans services are simply the best. My Consultant Bianca Dancer was so hands on and helpful from the get go. She guided me through the entire process and put me at ease being a first time buyer. I highly recommend their services.

Tia J

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Jay Govender and Maleshini Reddy from OOBA provided outstanding assistance and guidance in securing our home loan. Response times were excellent and they were professional and friendly.

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Estelle Vorster was really helpful in securing the best deal for my home loan, she not only negotiated a lower interest rate she went as far as securing 50% discount on the transfer costs.

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