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                  011 791 5134  |   email etchells and young     
MANAGING YOUR BOND REPAYMENTS AMIDST INTEREST RATE HIKES
The South African Reserve Bank raised the prime overdraft rate (the average interest rate charged on loans by banks) a further 25bps in March 2016 to 10.50% amidst mounting inflationary pressures. This is the third straight rate hike in a row since November 2015 where it was raised to 9.75%. Factors such as a rise in food prices and deteriorating economic growth have driven inflation above the SARB’s 3-6% target, currently sitting at 7%.

For many South African citizens, the thought of leaving our beloved country is unthinkable. However, a growing number of South Africans are choosing to emigrate overseas for a variety of reasons; the most common reason being a weak confidence in the current economic and political climate.

WHY ARE RENTAL PROPERTY INSPECTIONS IMPORTANT?
Joint inspections are vital in establishing which party is liable for the damages/repairs to the property. Inspection reports aim to avoid future disputes between the landlord & tenant regarding who is responsible to repair noted damage to the property, either at the beginning or end of the rental period.

What is it?
detailed inspection report, often accompanied by photographs, which seeks to outline the property’s condition before the tenant takes occupation & after the tenant vacates. The inspections should always be in writing, signed by the parties and attached to the lease as an addendum.

THE BENEFITS OF RENTING IN SA'S CURRENT ECONOMIC CLIMATE?
In light of our current economic climate – rising interest and inflation rates, sluggish economic growth and a decline in expendable income – it’s no wonder the rental market has become the more attractive option, whether voluntarily or not, when the economy is in such a poor state.

Johannesburg in particular has marked a notable increase in demand for rental property. Generally speaking, the higher salaries and lower rentals typical of the City of Gold make renting a favourable and comfortable choice. Unfortunately for many buying has simply become unaffordable. South African consumers are grappling with the financial repercussions of high debt, low disposable income and impaired credit scores. These have a large impact on the outcome of a homeloan application and whether or not their bond is granted.

WHAT INFORMATION & DOCUMENTATION ARE REQUIRED FOR A RENTAL APPLICATION?

Quality rental stock is in high demand and short supply. Majority of agencies & landlords process applications on a first-come-first-served basis - For prospective tenants this means that when you find the right property valuable time should not be wasted in getting your rental application documents in order. Knowing what is required beforehand will allow you to always be prepared, should you wish to apply for a property at the viewing or soon afterwards.

The following information & documentation is required for prospective tenants wishing to rent the property and sign the lease agreement in their own name. If you and your partner/spouse/roommate wish to sign the lease agreement, both applicants need to provide the documentation listed below.

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