FIRST-time homebuyers desperate to purchase property are resorting to taking out personal loans to help them get a mortgage.
There has also been an increase in the number of aspiring owners turning to the Government’s Finance-linked Individual Subsidy Programme (Flisp), says FNB Property economist Siphamandla Mkhwanazi.
Even though house-price growth is dropping, many South Africans cannot afford to put down deposits, and are mainly relying on 100%+ bonds.
In the latest FNB Property Barometer, Mkhwanazi says 73% of first-time buyers are using bonds of