This scale varies slightly depending on which credit union you use. According to MortgageMarket.co.za, “the minimum credit score for a home loan in South Africa is around 640. A score of 600+ will give you a fair chance of home loan approval – although this may vary according to which bank you use.”
The table below shows the impact of different interest rates using the example of a R1.5 million home loan, paid off over 20 years. An individual with a Prime +2% interest rate would pay an estimated R677,351 more than someone who secured a Prime -1% interest rate.Financing your car is similar. If you bought a car for R200 000 and paid it off over 5 years, your total repayment would be R237 627, 59 at prime -1%, and R259 415,44 at prime +3%.
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