Good news for bondholders and prospective buyers!
The Reserve Bank announced on Thursday, 30 March, that it was keeping the repurchase rate unchanged at 7.0% per annum. With the repo rate now set to stay at this level for at least another two months and the prime rate at 10,5%, this is very encouraging to property stakeholders.
Saving tips for first time homebuyers:
- Prepare a budget and stick to it. Avoid spending on non-essential and impulse purchases, as this type of spending delays your dream of owning your own home
- Put money towards your home deposit first. Open a separate bank account, ideally a high-earning savings account, and set-up an automatic transfer for every pay-day, and make top-ups whenever possible
- Pay off your credit cards and any personal loans or accounts. Reducing or eliminating these debts will only be to your benefit as it will help you increase your affordability and credit scoring
- Record and analyse your expenditure over a month to reveal opportunities for savings. Write down everything, including miscellaneous items, such as coffees, presents and meals out so that you get a clear picture of where your money is going. Then make the decision to put those expenses on hold
- Look around for deals. These can be available from many service providers, from switching supermarkets, to bundling all your insurance with just one insurer and more
Do not save what is left after spending, but spend what is left after saving
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