 You might think you don't want in credit, but banks actually want to see how you conduct yourself. So getting the right type of credit is important and making sure that you look at the interest rates that you get from the credit product is really important. So you need to make sure you get a competitive interest rate on the credit product that you have, but at the same time not to overextend yourself. What I did was that I spoke to the different banks and I told them, you know, this bank is offering me this much, how much can you give me? Eventually, you know, it's playing between the different banks. Eventually, you know, I've got the best outcome. Good evening and welcome back to the first time home by a show this evening. I am with an absolutely amazing guest. As you heard, we're talking about savings tools. We're talking about affordability. This is definitely a show you do not want to miss, but do not forget, we have amazing content coming to your screens live every weekday this week. We've got someone to go Kamala with the private property podcast, and that's live at 7pm on Facebook. And of course, we've got Mbali if you're interested in farming and agriculture, that's live every Tuesday and Thursday at 8pm. Do not forget Mbali is reaching her 100th episode. It's something you do not want to miss. We talk crops, farming, mushrooms, everything you need to know there. And Chad Vaviros travels in Zanzi. He goes to amazing townhouses, anything from Danefern to Eagle Canyon, amazing homes. Chad Vaviros comes to your screens every Monday and Friday at 8pm. What a way to go into the weekend. And without further ado, my absolutely amazing guest, Kinosi Rakosa. She has been in a home and we're sitting in a lovely home actually right now, gorgeous home. And Kinosi, you've only been here for 13 days. Thank you so much for joining and sharing your story and your journey with us on the first time home by a show. I love, absolutely love hearing from first time home buyers because it just proves that you know the possibility of this journey and of course it's daunting. And that's what we're going to get into. So Kinosi, tell me a little bit about you just before we go into your home ownership journey. Okay, so in terms of Kinosi, I am 31 years old, soon to be 32. I have three degrees actually and I just got my master's in business management all from the University of Johannesburg. So in terms of my career, I started working within the banking industry 12 years ago and I've worked for small banks, large banks and at the moment I'm working for a fintech and personal notes. I'm the last one of two girls. I also have a nephew and my parents are still very close to my heart. And in terms of what I like to do, I like to cook and bake. I actually started a small business with my sister. I'm not nearly as involved in it as my sister, as the rest of my family is because I'm working full-time but that's what I like to do. And I also am very active and I love to spin, run and play tennis. So that's me in a nutshell. That's amazing. On that note, have you, I'm sure you've cooked and baked in your own home. What was that feeling like? It was absolutely fantastic. I had this wonderful Melva pudding recipe and I just died. I'm not putting my favorite. And to actually put it in the stove and just to get the smell of the house, it was actually my house. Absolutely. Exactly. I can imagine. Please share that recipe before we leave. I love Melva. One day I'll be able to also make it in my own home. But on this journey and of course you've got, you said three degrees, that's absolutely amazing. And I know a little bit of your bio, you shared that there was a time in your life where you could afford to buy a home. All your friends around you were buying the property. You just, you didn't. Yeah. So for me, I started working in the banking industry and you know, some of the perks that come with working in a bank is that you get preferential interest rates. So a lot of the people around me were actually buying a house. And for me, the pleasure about working in a banking industry is that you really learn a lot about financial management and credit. So for me, I could easily apply and qualify for a home loan, but that didn't necessarily mean I could afford it. So I wanted to wait for the right time when I could actually afford it. So yes, a lot of people around me were buying homes and you know, obviously it's a certain extent you do feel some level of pressure, but you know, I was centered around my own purpose in my journey. And that's why I wanted to wait up until I've got the right financial backing to actually afford the house not just to be approved for it. Right. And you took a while to say, but before I even get there, you've got this, it's, you're almost like privileged, the fact that you have this financial background and you know, you're financially literate. And what is it that you, what would you say financially that working in the banking sector that has taught you financially? So for me, working in the banking industry, you learn a lot about credit. So you learn a lot about how to build a credit profile. So for me, I understand the ins and outs. I've actually worked in a credit product. So I know what banks actually need in order to qualify for a credit product. So the type of behavior that you need to conduct yourself in in order to qualify for those products, but over and above that, actually managing your credit portfolio. So you don't want to over exchange yourself. So you don't learn the things around how to manage your portfolio to make sure that you are keeping yourself on the good track, but at the same time ensuring that you actually use your banking and your financial literacy to enjoy the perks of life, not just, you know, delving yourself into lots and lots of debt, but also creating wealth to a certain extent. So ensuring that you've got a portfolio around savings, you know, healthy banking profile. So for me, I learned a lot about credit, but at the same time, how to really manage my money in an efficient way in order to build up to a big purchase, such as a whole. To a younger viewer watching and hearing all of that, I feel like it's, you know, quite a mouthful and kind of like, you know, so much knowledge, because also I feel the biggest issue, especially with me on my journey to buying my first home is the jargon and the terminology used, even going to the banking sector and hearing these things from these financial heads and just being so overwhelmed by this process. How did you as Kenosie kind of help? What certain tangible things? What steps did you take to ensure that you had a good credit record to afford this home? So for me, in terms of managing my credit profile, firstly, I, you know, you might think you don't want any credit, but banks actually want to see how you conduct yourself. So getting the right type of credit is important, right? And making sure that you look at the interest rates that you get from the credit products is really important. So you need to make sure you get a competitive interest rate on the credit products that you have, but at the same time, not to overextend yourself. So if I overextend yourself is, you know, you get a loan, a credit card, a store card, contract, a cell phone contract, so everything is on credit. And at the end of the day, a disposable income or the money that you have left at the end of the month is very small, right? In that way, you won't be able to qualify. So it's about making sure you get the balance, right? So it's really credit that keeps you going to a certain extent. So a small credit card loan, and they have to make sure the interest rate has been competitive on that interest on that credit card and ensuring that you pay your credit on time. So the easiest way I do it is I get a debit order. I don't have to worry about making sure that I've paid on time and what. Thereafter, you know, making sure that, you know, you pay that set amount. So the agreed amount or even over and above that to make sure that you build your credit profile and not to overextend yourself on that credit, right? So, you know, the good mark is really around 50% or less of your credit loan in order to really build up your credit profile. And typically, banks will get your credit profile over a six month period to make sure that, you know, from a bureau perspective, because all these credit institutions actually report on your conduct on a credit bureau. So those are the things that I learned. And obviously then also mixing it up with making sure that I've got enough saved for the registration cost and even further to make sure that I can purchase the home. Right. You took, you said two years to save? Yes. Yes. Yeah. So I actually, you know, moved out very late from my parents' house. I think when I was about 30 years old. So from that perspective, you know, I used time to save up. And not just to save up, I also started investing. So I got the easy equities app. Yeah. It's really, really simple. So for me, you know, I made sure I've got all these things in my awesome. And I started saving up towards the registration costs and bond costs. And also, I decided to rent first. Right. And in terms of renting, it was for me to test the waters. Right. You know, can I live with this? What's happening in anything else? Get the lessons, learn from renting. And then I went to them and bought the house that I wanted. That's such a good tool, you know, to start obviously renting first, because there are people who, you know, love what their parents and then buy immediately. And then they're like, oh, no, you know, some they are cost involved that I had no idea. Renting, that's such a good tool. And I think that's some advice to first time home buyers, you know, rent, even if it's just for a year or six months. But I think it's so key and pivotal also yourself being alone. And you figure that out when you're renting, you know, you figured out, you figure out how to be by yourself. Can you manage your finances alone? Are you able to be on your own? Exactly. So for me, you know, living on my own, you know, I started feeling, okay, so there's actually, you know, because, you know, my friends used to come all the things before. So there's water, electricity, you have to buy your own groceries. You know, there's all these other things that you might not necessarily ordinarily know if you're living with your parents. And if you're renting, it grants you the opportunity to really suss out, you know, how much have you have left behind in order to pay for, you know, the house that you want. So you start budgeting around the house that you want. This is what I can actually afford. So this is actually how much I spend on electricity on a man. This is how much I spend on water. Yeah. So now you get a clear view of your costs before you actually make that commitment around buying a house. Yeah, because that's inevitable. You have to spend that money every month when you're buying, when you've, you know, been approved for the home loan, etc. Was this always your goal? Absolutely. Yeah. So for me, home ownership has always been the end goal for me. What's raining for me was my short term. And you, you know, I'm not going to live, you know, pay for someone else's rent or for their bond or other over a long period. For me, the goal has been to have my own space, you know, to, I suppose, you know, hang things the way that I'm, you know, without worrying about the landlord worrying about, you know, putting a whole year, all of that, you know, and also just to have that ownership around what you own. And, you know, it's just always been the dream of mine. So I, you know, I've just asked if this was always your goal. And a lot of property investors actually, I'm just going to take it as a stick further, say that buying property and even after buying their first home, this whole thing becomes addictive. Does it stop here for you? Does it end here? No. Okay. For me, I would definitely love to buy a second home. It's likely maybe when I decide to sit down with someone, then, you know, I started with kids, you know, the biggest space that would be lovely. And ultimately, I think when I retire as well, you know, to get more space. So, you know, that's it. Yeah, it doesn't stop here. And I think it's so important that, you know, once you do buy your first home, that you start making it a home, making the house a home. You've only been here for 13 days. What has that been like? It's been absolutely fantastic. So, I'm still waiting for the blinds, you know, I think, but the exciting part has been decorating it, right? Yeah. So for me, I've been looking, particularly mostly online, like these doors, you know, you get to decorate it the way you want. So, you know, this couch, and then I picked it out, you know, everything. Yeah, I've just, you know, started looking for interior, like looking at interior decorators, you know, how to decorate your home. It's really exciting. And for me, the fun part is I can hang up things. I couldn't hang things up at my previous place because, you know, yeah, wasn't your, yeah. So, you know, the management of the place and like that. So, fortunately, now I've done my own paintings. And I'm really putting it up in such a way that it represents me. And I think that's the fun part about it more than anything. Is that, you know, you've got the sense of freedom around how you want to put it exactly. And I wanted to find out from you, you know, being in your own space, this entire journey, right, you said you saved for two years, but then now the process of finding the perfect home. What was that like? It was a bit daunting, you know. I mean, I think, typically, you know, I went online and the private property has, you know, a wide horizon to have on my window space as well. So, I started looking around and I did a few viewings in an around area, but I eventually decided that I didn't really want an existing home or home that had people that live in it or anything because I wanted a place that was kind of brand new. Yeah. The sense that, you know, I wouldn't have to maintain it as much because it's still new, as well as the bondage and registration costs have come with it. So then while I was on private property, the developer went out of the house, you know, their advert came up and I just clicked on it. You know, I started, I looked at the artist impressions and it looked really good online. And you know, I looked at the developer, they had a very good repertoire. So, I thought, okay, they've got a very good reputation. Let me actually leverage of them and trust them with this big purchase and I bought a plan. And how, what was that like? Because you're actually one of my first guests who've done something like, and for your first home, that's terrifying because one of it like doesn't come out the way that it was on the plan. I know, right? And I suppose that's the thing about being a little bit younger in the sense that, you know, you're not really as afraid to try things online. And take these risks. You know, you're a digital native to Sydney State, so you're used to buying things online, even though a big purchase like a house is also being bought online. But, you know, I trusted them in the sense and I looked at the pictures and I looked at the engagement with me, how they spoke to me, you know, their level of their reputation in the market, as always really critical for me. Because it's very easy to pull victims to scams online. So, you know, I did my background research on the perspective. And for me, what I liked the most was the fact that it was new. Right. And I don't want a lot of, you know, I've got friends that have bought existing houses and you know, they're fixing things that shouldn't ordinarily be fixed when you're moving it. To a new, your first home. Yeah. Yeah. And you haven't had, because I was actually about to ask, like, any issues that come with it? Because... Yes. So, in terms of, I have identified a few things that they need to fix. Right. But fortunately, you know, I've got a 30-day period where they can still come in and fix them. So, you know, there was issue with the keys are not working. They can fix them very quickly. So, within the next 30 days, I've got a snacks list that I'm putting together, send it to them, they'll fix it and address it. So, from that perspective, you know, I feel a sense of relief. Yeah. That I don't have to worry about coming for that. So, buying your first home is a drop, hey? It is, but it's a fun, yes. It's absolutely exciting. And I mean, I think for me, you know, being able to be in this kind of position, I'm really grateful for it. You know, I know a lot of people that might not necessarily have the same opportunities that I've had, but for me, it really is just a really humbling experience. Right. What were like your top three things that you wanted in your home? I know a lot of people, you know, before, and this is so crazy, right? I recently spoke to someone who they needed to walk into the home and feel it with their energy, and that's how they knew this was the one. You didn't have the opportunity to do that. So, for me, first and foremost, it's the area. I'm job work born and raised, but, you know, there are certain areas in job work that really appeal to me in terms of the lifestyle. So, the area for me was really critical. So, the fact that there's lots of very strong, there's lots of things to put in and around the area, that was critical first, you know, because a lot of my friends are actually in this area that I'm in. So, from that perspective, it makes a lot of sense, but at the same time, in terms of the look and feel, I want something that's relatively big. Right. I was renting a two bedroom apartment. So, this is at least a double story. Yeah. So, it's got a little bit more space, and, you know, it really had to appeal to me visually. You know, you had to look fresh, modern. Yeah. You know, it really needed to speak to, you know, in the sense, you know, represent me and extension of you. And I felt it was when I looked at it in the garden outside, really lush and green and beautiful. And the fact that, you know, some of the small touches for me, it's got to me in terms of the part type, you know, the way that it looks, as well as, you know, the fittings, like, you know, the windows and the minimum windows. So, the small touches, you know, marble table, kitchen table, all of that, those were the things that I was looking for. And of course, the oven for the Malva pudding. Yes. The oven for the Malva. Has to be there. Can you say, I wanted to find out from you, would you recommend to first-time home buyers to actually buy or for plan, like you did, buy into a development? Definitely, because from a registration speech, okay, register, even if it's a development, some of them do have sure prices available. But to a large extent, it saves you a lot of costs from the upfront costs associated with it. So, that is one of the key benefits, especially for a first-time home buyer. Secondly, in terms of off-plan, I would say, if you're going to buy off-plan, make sure that you really look at the impressions, the artist impressions, you've actually gone through the floor plan and how the house is going to look and construct it. Right. Just to make sure that you're happy with how it will be structured when you read through the sale of agreement. Make sure that you've checked whether or not you like how they've sized the bathrooms and all the rooms and all of that. But at the same time, make sure that you also do your research around the developer that you're buying from. Similarly, with any other buyer in the house, there's a lot of scams out there. So, we need to be very vigilant around that. And make sure you do your homework before buying off-plan because you might get drift-offing. But fortunately, banks have a lot of checks and balances around this. Right. So, to a lot of extent, that risk is mitigated. But just to put yourself with ease also to do your background research. How far could you go with negotiation? A lot of first-time home buyers say that, guys, we can negotiate. I did. Oh, really? Aggressively, sorry. I'm heavy. So, from that perspective, I want to make sure that I stretch my money as much as I possibly can. So, what I did was the bond originators took my application to different banks. Right. And the banks all came back with their offer to me in terms of the interest rate. So, for me, I wanted to make sure I got the most competitive interest rate because that was ultimately going to determine how much I paid on the right basis. And what I did was that I spoke to the different banks and I told them, you know, this bank is offering me this much. How much can you give me? Eventually, you know, it was playing between the different banks. Eventually, you know, I got the best outcome. So, I got a prime minus two percent rate. Oh, wow. That's very competitive. Yes. And then how important was you? Because you talk a lot about researching. And in your case, obviously, you needed to see if it was a reputable developer, whatever the case may be. But researching different things, such as like hidden costs that come with these things, how important would you say that is? It's absolutely critical as well. So, you know, specifically when you come to signing your sale of agreement, it's really critical to understand what are the costs associated with the actual acquisition of the house. Right. So, in terms of making sure that you've got, you know, you understand the transfer costs, the registration costs, whether or not you have to pay an occupational rate for the first month, which I had to pay for. Oh, wow. You know, all those things, you've got to understand it. You know, there's, you know, some developers, they price you for registering with the water, with the brand water. Yeah. Ever so, you've got to consider all those costs associated with it and make sure that you understand it. Ask the questions, you know, because we need to know. Yeah. But even if it sounds like you've been pedantic, but ultimately you've got to understand what you're getting yourself into. Exactly. Because it's a really big commitment. And a lot of first-time home buyers talk about how important it is to save because these costs come from nowhere. Like I did you by surprise. So, it's so good, you know, that you have an extra bit of cash that you can give to the certain thing, whatever the case may be. And just last week we spoke to another first-time home buyer who was literally hit by surprise by a few things. And luckily also, she was saving. And there are lifestyle changes that come with this. What does Kenosi's lifestyle changes? And what is your savings tool? Okay, so in terms of my lifestyle changes, you know, fortunately for me, I can put aside certain money. So what I did was, you know, I cut down on the entertainment. Right. You know, so not going out as much to the response of my friends. Yeah. But I mean, you know, when you've got friends that fully understand what you're trying to achieve, you're more than happy to support them. Of course. And in terms of my savings tools, so initially I used to use you know, trust is quite aggressively. Also 32 days notice. But I also have a demand product which I can put in money, find it any time I've got money. So whenever I've got an extra $250, instead of going to the restaurant, I just put it into that account. And you know, it all adds up. And also, as I said earlier, is that I've actually started using, is it equity? So is that investing? So, you know, I've got this pool of different tools to actually save up. So those are the tools that I use. You just brought something to mind now when you said, you know, and I think it's very important because a lot of people, when we think savings, we like take the bulk, take like a big $4,000 to $5,000 and just save it. When you have, you know, spare change to $200, save that. And, you know, it can be quite intimidating. So, you know, for me and my friends, you know, I can literally go to a restaurant every weekend with my friends. So, you know, when that all adds up, you know, it can be like $3,000, $4,000, you know, it's a lot of money. I don't go to clubs or anything. So I save up on that. But nonetheless, you know, it's, you know, if you put in a little bit, it's a little bit that counts. And what I also did on my side was, for the occupational rate, for instance, what I did was I started putting it, they told me, I think six months before, so I started literally putting money into their account. Oh, okay. Yes, I got it. Oh, nice. So by the time I moved in, I didn't have a huge amount to pay in. That's right to pay in. So, yeah. That makes sense. Were there any lessons that came with this, like life-changing lessons or even a little bit of advice for first-time home buyers? You know, I would say, definitely take your time. You know, I think for me, the biggest lesson that I learned throughout this journey is that, you know, buying a house is a long-term achievement, right? And it's going to, you shouldn't, it's a commitment. Don't rush into it. Don't feel pressured into it. Yeah. You know, do it at the right time with the right goal. And you know, don't do it because you're feeling pressured. This person's doing it this way. Yeah. I need to do it. You know, take your time. You know, come up with your own strategy. Come up with what works for you. What worked for me was, let me test the waters that he ran. First, find out what works for me and then go in big bang and then start working on it. But ultimately, what you need to do as a person, you know, when you're buying your first home, is really find something that speaks to you. You know, what speaks to me is not going to be the same for you. Yeah. You know, I've got friends that are living very far from me, but they're quite happy with it. But they're cheating with their house. But for me, my house has been, you know, it speaks to who came to see this. Exactly. And, you know, that will make you more happy than just buying anything to say goodbye. Exactly. Buy something that speaks to you and your journey. Do you have any regrets? Regrets? No. None whatsoever. That's a really good thing, though, because it means that this journey, you know. And you're a new, new homeowner, like new, new. And maybe something from you, because, you know, we all, we buy houses, but we make homes. What is your kind of key strategy to making this place a home? I know you're very excited about buying the furniture and buying these new things. What else are you? So what I've done on my side is, it actually happened by coincidence, was that, you know, we inched to the mall around the area. And what I did was that I literally bumped onto this painting of an elephant. And, you know, in the African culture, in my culture, you know, what we do is, you know, we've got a clan name. And our clan name is usually associated with an animal, right? One of the big flies. And mine is an elephant. So for me, I put it up, and I asked my dad to put up that painting for me because he, that's this clan name. Right, yeah. And it was just such a powerful moment, you know, a surreal moment. Wow. Because, you know, I asked my dad to put up the painting of, you know, the elephant because that's our clan. Exactly. And he was so excited. And for me, it was, you know, just such a moving moment. It's already a home. That's the image we're talking about right there. It's beautiful. This is a home. And thank you so much for inviting us. Thank you for all the advice that you've given. And I think what I would like to advise other folks, your step that you took to kind of educate yourself is to rent first or to stay at home for a bit to save. And these, I love talking to first-time home buyers because these are tools that we educate other viewers on. And this is exactly what we should be doing. And we just, you know, need to continue. Saving is so important. I can't even reiterate that enough. It is so important. But again, thank you, Kinosi, for taking the time out. And it's evening, it's late. I'm so sorry. Thank you for inviting us into your home. Do you have any last words that you'd like to share? I mean, I think in terms of, for me, the critical important thing for me always in terms of buying a home is make sure that you can qualify for it is one thing, but make sure you can afford it. And, you know, a lot of financial advisors, particularly those on social media who are saying, don't buy a house, interest rates are going to come up, it was because of the pendant leg, blah, blah, blah. But, you know, ultimately, you know, any situation is different. Every financial situation is different. But the important thing is making sure that you factor into consideration. Interest rates will certainly go up, most likely. I mean, in terms of what economists are projecting. But ultimately, what matters most is whether or not you can afford it. And by afford it, I mean, does your income substantiate? Is it substantial enough to quantify or qualify? Can your income match when the interest rates grow up? And that's the important thing. Being ready for that change. Being ready for that change. And not just that, taking into consideration all your other expenses, your disposable income, will it be enough in order for you to never feel comfortable life once interest rates have gone up, and once, you know, the house expenses has been taken into consideration? And we're definitely going to get to that point. Yes, but don't be deterred by people saying, don't buy because interest rates are over because of pendant leg. That's not always the case. Every individual is different. Take into consideration yours. And of being able to be approved for credit does not necessarily mean you can't afford it. Ford, yeah. That's a very good lesson. I have one final question. This is the first time you're sharing your journey within, you've probably shared it with friends and whatever the case may be. But you know, this is to viewers, people we don't know. What is that like to hear your own story? I think when it's always, it feels a bit unreal, you know, to have the beautiful stuff, the beautiful stuff here, to have your team here, you know, these cameras rolling, or it just, you know, I mean, you know, there's something called the imposter syndrome. Sometimes you just feel like you're stepping into something which is kind of like, am I supposed to be there? Yeah. This is really me. These cameras, I've seen all these celebrities behind the scenes shots, but I'm here. Yes, you know, yeah. But you know, to be able to share my story with other people and hopefully to be able to touch them and to educate them around my journey and if that can inspire them, that would be actually fantastic. So thank you so much. It's definitely inspired me. Thank you so, so much. And to everyone watching at home, do not forget we are live every Wednesday night on Facebook, Instagram and YouTube at 8 p.m. Take care.