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Thread: Buying a place

  1. #1

    Default Buying a place

    I'm sure there are a few of you forumites who actually own property, so maybe you can help me :

    What would the minimum salary requirement be for a place that costs 900k?
    (with the new credit act)

    and how would this change with a deposit of 200k?

    I know the bond repayments would be around 8-9k a month, but what salary prerequisite would be necessary to finance that amount?

    If you stand for nothing, you'll fall for everything.

  2. #2


    AFAIK the requirement would be proving that you had 8-9K per month in disposable income, so if you were earning R20000 pm and spending R5000, you's have R15000 disposable and would qualify, but if you were earning R50000pm but spending R45000 you'd only have R5000 disposable and would not qualify.

    Rule of thumb at the moment is about R1350 repayments for every R100000 bond, so R900000 bond would be about R12000pm, 700000 would be about R9500 pm.

    It's likely banks still work on the 30% of gross income rule as well, but only unofficially.

  3. #3
    Super Grandmaster
    Join Date
    Feb 2007
    Cape Town


    Think its about R30,000

  4. #4
    Super Grandmaster blunomore's Avatar
    Join Date
    Jul 2007
    Sandton, JHB


    I am in a bad mood today, so I apologise for my post even before I put it down!!

    My bf's ex bought a place for R 950 000 ... she earns a very small salary and she mainly relies on his maintenance. It is just a matter of time before the interest rate hikes get to her and she will not be able to afford the bond anymore ... but I guess that happens when you have the brain of a pea.

  5. #5


    Quote Originally Posted by xrapidx View Post
    Think its about R30,000
    I'd concur

    As a rough guide, do 3 x the bond repayments

  6. #6
    Join Date
    Aug 2006
    Sunningdale, CPT


    Try the calculators on SA Home Loans as a rough guide.



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