The laborious bond application process is even more painstaking for the self-employed and it’s critical that these buyers take the time beforehand to familiarise themselves with exactly what is required and the criteria to be met as applications can easily be delayed - or even declined - due to simple omissions or errors.

Ooba says the decision today by the South African Reserve Bank to increase interest rates by 0.5% from 6.25% to 6.75% will negatively impact the residential housing markets as many consumers are already facing increasing financial strain through dealing with elevated levels of debt and the rising cost of living expenses.

The repo rate will remain unchanged at 6% per annum, Reserve Bank Governor Lesetja Kganyago said on Wednesday.

In his speech yesterday, the Minister of Finance announced that “the rates and brackets for transfer duties on the sale of property will be adjusted to provide relief to middle-income households.”

The repo rate is to remain unchanged at 5.75%, Reserve Bank Governor Lesetja Kganyago said.