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Now is ideal climate for first-time home buyers

Now is ideal climate for first-time home buyers
19-05-14 / Staff Writer

Now is ideal climate for first-time home buyers

Ooba says that in the month of April, its Average Purchase Price at R947 189 continued to show steady year-on-year growth of 4.2% with the First-time Buyer's Purchase Price recording a 9.6% year- on -year increase to R743 053.

The Average Approved Bond Size, at R803 811, continues to show year-on-year growth of 5.5% and the Average Approved Bond Size of First-time Buyers at R658 643 is 9.6% higher year on year. In April, ooba's Approval Rate remained high at 74%, indicating that ooba continues to secure an approval for more than seven out of ten home loans that it processes.

"Taken together, all these statistics show a healthy lending environment and growing property market," says Rhys Dyer, ooba CEO. "This is particularly relevant for first-time buyers, at a time when lending conditions are favourable, interest rates are still low - despite the recent increase - and there is further potential for property price growth in this bracket. This sentiment is echoed by the record number of first-time buyer applications which we received in April"

For all property seekers, but especially first-time buyers, the benefits of using ooba's prequalification service- oobaqualified - are significant. "Our free ooba-qualification service incorporates a credit check and affordability rating so that when you make an offer on a property, you can be confident that the banks will approve your bond. ooba applies to multiple banks on your behalf, improving your chances of approval," concludes Dyer.

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