Posted by: Carol Reynolds | 2014/10/11 10:28
Housing subsidies only apply to individuals whose income is less than R7000 per month. Thus, unfortunately, your son won't qualify. However, because he is a first time buyer with a stable income, he might well qualify for a 90% or even a 100% bond from the bank. Banks are trying to assist first time buyers to enter the property market and they will look favourably upon a salaried earner. There are units on the Durban beachfront from R350 000, so perhaps your son could look at something like this as an entry level investment to get into the market. Alternatively, you could consider a syndicate or joint investment enabling him to own a share in a property.
Fin24 cannot be held liable for any decisions made based on the advice given by independent experts, and disclaims all responsibility or liability for any damages whatsoever resulting from the use of the site