THE NEW CREDIT ACT OVERSWING

With all new systems that are implemented finding the balance takes time. There has been a dramatic drop in the amount of homeloans approved by the various banks since the implementation of the New Credit Act on 1 June 2007, this has affected Buyers, Sellers, Estate Agents, Mortgage Brokers, Attorneys, SARS and Banks financially. Buyers are not able to get their bonds approved as easily, Sellers are sitting with properties on the market for longer because of the bonds not being approved. Valuators have considerably dropped their valuations of properties therefore Sellers are not getting the prices they have bargained on. Estate Agents and Mortgage Brokers are loosing their commissions because of the amount of sales that are falling through, Attorneys are not receiving the volumes of transactions that they used to, SARS are not getting the Transfer Duty amounts they used to and the Banks are not writing the volumes of bonds they used to. Doesn't sound good does it? In spite of it all, property is still a good investment and we need to ride this one a bit until the dust settles and everyone knows what they are doing and where they stand financially. Byt Vas!!
Bondoption....keeping you informed.