The latest statistics released by ooba, South Africa's leading bond origination company, reveal that the decision by banks in August 2009 to start granting 100% bonds has significantly boosted the number of consumers applying for home loans.
Bank decline ratios on home loan applications expected to fall
With the property market beginning to show signs of a recovery, it is more important than ever to ensure your home is correctly priced. Jenny Rushin, property finance manager at ooba, SA's leading mortgage originator, said that a property listed at the right price will give sellers the greatest chance of attracting buyers.
South African banks have loosened their lending criteria which has supported a revival in the property market and helped new buyers enter the market says South Africa's leading mortgage originator, ooba.
South Africa's leading bond origination company, ooba, has seen a 55% increase in the value of approved loans from April to September this year, with a 21% surge from August to September alone.
Applying for a home loan can be a challenging process. South Africa's leading bond originator provides some valuable tips to ensure approval success.
Most people think that a home makeover is a taking-out-a-second-mortgage event that means you have to move in with your mother-in-law while builders annex your home; but it needn't be so traumatic according to SA's leading bond originator.
The October oobarometer price index recorded an increase in the year-on-year house prices of 9.9%. "This is the fifth consecutive month that the oobarometer has shown a rise in house prices and it is the biggest increase within that period," says Saul Geffen, chief executive of ooba.
The September oobarometer price index recorded an increase in the year-on-year house prices of 1.8%. "The September oobarometer continues to reflect an improvement in year-on-year house prices," says Saul Geffen, chief executive of ooba.
With house price indicators like the oobarometer perking up, smart buyers are slowly returning to the market and need to be armed with how to make the best purchase possible. Ben Seymour-Brown, manager of group direct sales at ooba, said: "We expect more people to return to the property market this year and certainly next as the economy recovers, the effect of lower interest rates is felt and confidence returns to bricks and mortar investment.
The August oobarometer price index recorded an increase in year-on-year house prices of 6.9%. "The latest oobarometer shows an improvement in year-on-year house prices for the third month in a row," says Rhys Dyer, chief operating officer of ooba.
ooba said today that there were definite signs that the property market slump was coming to an end with data pointing to early signs of a market recovery. "ooba has seen a 36% increase in home loans approved from April 2009 to August 2009," says Saul Geffen, chief executive of ooba.