 Win your share of 5 million rand get a home loan and get one entry open a netbank account Move your salary and you'll get another 10 entries simply down star 120 star 762 hash to enter make things happen netbank Now buying a home is a life-changing event for most people and it can be quite complex And when one is not sure where and how to start we have Tim I can you see with us in the loft who is the head of Home loan sales and client value management at netbank home loans to talk us through some of the key considerations when one has to Look at when to buy property. Welcome to the loft. Thank you to have you with us Thank you. Wow, this is such a nerve-wracking topic for me because it's so I feel like only the experts can get it right Yeah, all the experts are so learning so Right so when one is considering to buy a home for the first time what should it they'd be thinking about I Think firstly, they need to understand their personal readiness. So they need to look at their relationship with credit Because that's the first thing that banks would look at when you go to a bank for funding So how have you managed your ability to make repayments on small things like your credit cards clothing accounts, etc. etc Then from there you need to start to look at your affordability Because you need to look at what you can afford not just in the short term, but over a period of time So we have affordability calculators that you could use to find that out so in essence, it's your expenses minus your surplus and You know that kind of gives you a range of what you could afford And thirdly you need to start to look at how much savings that you've had Because there's some costs involved, you know the cost of initiating the loan and obviously when you are in this Dream home of yours you then need to make sure that you can maintain it. So Things like electricity bills your levies rates and taxes, etc So that's then key and then lastly your life stage So what stage are you in your life because when you buy property you need to buy it for the correct life stage if it's your primary unit So if you're a bachelor, you want to typically be looking at a bachelor pad or a one-bedroom place to start off with and Kind of gay to say, you know, you're gonna be in this house for a couple of years And if you're looking to then, you know settle down you may want to look for something slightly bigger So consider your life stage and how soon you are likely to evolve You know before then yeah commit yourself to a property now speaking of life stage What about the house? What should be considered when you're buying a house? So certainly you have a house that you're buying. Yeah So you could either buy a house in an estate or a standalone Which will imply that you're buying in a friction in a sectional title if it's an estate or a standalone That's a full title. So I think key considerations will be things like security Amenities where you work where you socialize and Also, what you're looking to get out of the property is that your primary residence or you're looking at it from an investment Standpoint because that would determine whether or not you decide to personalize it or to keep it quite Supposed quite classic right. Yeah, and what what role does the bank play in this whole process and your relationship with your bank? so as a bank the role that we play is obviously to help you fund the place and Part of the funding process is also about educating you to understand exactly what channels you can use to acquire a home loan what cost you need to be looking at to consider and You know and then obviously as you go along, you know You can become a little bit more sophisticated in terms of your use of the place or in terms of the your use of the home loan so you could either prepay into it as a good way to Create a little bit of a slush fund for you whenever you need additional funding and Also, when you've eventually paid it off Hopefully the property has appreciated in value so that when you buy your next place You have a nice deposit to put down which will help you manage the loan to value and the rates that we Giving your next place. Wow. So how has netbank partnered continuously with home buyers in the past 20 years? we've got a long history with being able to fund people's homes minister African homes and For us what we've we've tried to do over the last 20 years It's constantly make sure that anybody that takes out a bond from us He's able to sustain that and to ensure that this continues to be an asset for them over the long term so part of our Strategy is to create easy channels for people to get access to a bond to create a lot of education around The various options they have for property so they can either do a buy-to-let You can either buy property for investment or choose to build something So we've tried to make sure that we we cater for you know Everybody's needs at whatever life stays that that they're at at that point in time. Wonderful. Thank you so much It's a pleasure. So make sure when you're buying a home You understand all the associated costs and do your homework properly for more information You can go to www.netbank.co.zs forward slash home loans and read up on their buyers guide Win your share of 5 million rand get a home loan and get one entry open a netbank account move your salary And you'll get another 10 entries simply down star 120 star 76 to hash to enter make things happen netbank