Quote Originally Posted by Schizzo View Post
Hi guys

Does anyone have any tips for someone that wants to get into the property market?

I really don't know how people do it, I've been watching the ads for a while but property prices are insane. From what ive read you can only qualify for a bond repayment = to 30% of your gross income. That leaves me under the 700k bracket,houses in Parow which is not even a decent area start at like R1.2 million.

Is there a trick to this i am missing? With the equation above i need R35k a month to get bond of 1 million

How does people get bonds for 2+million rand houses
Rent as cheaply as you can, save as much as you can and get together cash for a deposit and transaction costs. A rising cycle of interest rates will klap recent buyers, especially if you could just afford the payments when you bought, watch out for this in the next while. Rather be renting when the interest rates are rising and look for distressed sales round about when the interest rate peaks.