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Defined as properties that are still partially joined or separated by one main wall, townhouses have long been known for their understated appeal and convenience.

The property market is determined by supply and demand of real estate, which then dictates whether it is currently a Buyers or a Sellers’ market.

Most often, consumers rely on real estate agents or third parties to assist them with home loan applications. This results in them not fully understanding what banks consider when approving or declining an application.

Mpho Ramatong, FNB Home Loans Division channel head, says first time home buyers can significantly improve their chances of qualifying by familiarising themselves with the common pitfalls that often lead to home loan applications being unsuccessful:

First-time home buyers often get consumed by positive emotions after qualifying for a home loan, while overlooking how interest rates may impact their monthly home loan repayments.

Stanley Mabulu, channel management head in the Home Loans division at FNB, says the interest rate that financial institutions charge on a home loan has long-term ramifications on consumers’ ability to service debt.