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Beware of shopping spree after home loan approval

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(iStock)
(iStock)

Cape Town - Consumers should think twice before taking on any more debt after just having a home loan approved, cautions Shaun Rademeyer, CEO of mortgage originator BetterLife Home Loans.

He warns that the sense of relief and excitement once a home loan has been approved can easily lead to some unwise financial choices, especially among first-time buyers.

In his view, the safest course is for the homebuyer to change as little as possible between the time a loan is approved and the completion of the new home. Steady employment and spending habits will pay off later.

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