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Nedbank's Tim Akinnusi

Nedbank's Tim Akinnusi

Nedbank's Tim Akinnusi 

Nedbank's head of Home Loans offers advice on buying property.

Buying a home is a life-changing event for most people and it can be quite complex when one is not sure where and how to start.  We have Tim Akinnusi with us in the loft who is the head of home loans sales and client value management at Nedbank Home Loans, to talk is through some of the key considerations one has to look at when buying property.

Things to consider when buying a home...

  • Personal readiness - it is important that consumers are personally ready for this life changing event as it is the start of a significant long-term financial commitment that requires one to be ready to tackle
  • Affordability - Buying a home comes with its share of financial responsibility.  Not only paying a mortgage but other costs such as insurance cost, rates and taxes and other ongoing costs associated to being a home owner.  Furthermore, one needs to also think of the changing economic circumstances such as rising interest rates, fuel price hikes, electricity tariffs, food and how common good could affect their affordability status.
  • Good credit record – a good credit health is important as it will inform banks of your borrowing and repayment behaviour with credit providers over time.  Ensuring that one has a good credit health before any credit application will improve one’s character as a borrower.   Knowing your credit health offers an opportunity to alter it if it is not spotless
  • Some savings as there are cost involved in the purchase process – we always advise consumers to have some money saved up for a deposit as this may lower your monthly bond instalments.

Nedbank

Contact:

Official Website: nedbank.co.za
Facebook: Nedbank
Twitter: @Nedbank 

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