Article FIN24 : Nov 04 2011

 

How much in percentage terms should one pay towards a home loan (bond) and car repayments, relative to one's basic income?

Pat Lamont, general manager of Nedbank Home Loans, responds:

Each application is assessed according to the individual risk profile. In general, though, we continue to believe that putting down a significant deposit is good practice for both the client and the bank. Therefore, we will continue to encourage clients to do this to get a better interest rate. We encourage clients to base their affordability decision on the prospects of increased interest rates to absorb any economic shocks. As a general rule, the monthly bond repayment amount may not exceed the cost to the client's gross monthly income of 30% for home loans and 15% for vehicle finance. SA Bond Originators believes this means that with a salary of R20 000 per month, the prospective home buyer can use a maximum monthly sum of about R6 000 to pay off a home loan. This amount can be increased by applying jointly with a spouse, friend or family member. The current prime interest rate plays a big role. The lower the rates are, the bigger the bond amount will be. Using the above-mentioned salary example, if interest rates were at 10% the client would qualify for a bond of about R600 000; if rates were at 15.5%, the client would qualify for a bond of about R430 000.

Jan Kleynhans, CEO of FNB Home Loans, responds:

FNB considers the customer's total commitment to loan repayments before approving any home loan. Repayments of all loans should not exceed 30% of a customer's salary. Repayments on home loans, vehicle finance, personal and other loans such as study loans are also considered to determine affordability.

Article courtesy of: www.home-dzine.co.za

 

Live in a house for a while and it becomes easy to feel dissatisfied with the decor and layout.
	We spend our time concentrating on flaws and defects and picture ourselves in the picture-perfect homes that we see in magazines. A home is a place to set down your roots, raise a family and grow old in. Which is why falling in love again with your home is vital.
Here are 10 ways to be happy at home: Stop resenting what your house isn't and start appreciating what it is. There is always something to be thankful for! It only takes a few beautiful or special things in a room to make it memorable but we continue to worry that we should buy more impressive stuff to fill our rooms with. Respect it enough not to clutter it up with things you don't really like or need. How you treat your living space tells other people how they should view it. So groom the heck out of your house. Show it some love. It may never be a model home, but it can be one where people feel at home. Have a comfortable chair in a quiet corner where you can read and relax, or a room or space to where you can escape. Turn the TV off and your favourite music on. Keep a vase of fresh cut flowers or a floral arrangement in your home. Try eating dinner by candlelight, with music, for no special reason. And use your best dishes. Create character where there isn't any – Some luxurious homes can feel cold and empty because the homeowners don't put any of themselves into it. Whereas some small, modest houses that are clearly loved by their owners can make you feel right at home. Surround yourself with your favourite "happy colours," whether they're trendy or not. Display something from your childhood that you treasure and surround yourself with things you love – things that make you feel good. Don't try to replicate the look of a model home. Strive to create spaces that exudes warmth, love, comfort, and peace. Focus on those few things that make you feel really happy and forget the rest. Work at wanting what you have rather than having what you want.
Whether you decorate with second hand bargains or priceless antiques really doesn't matter. The difference between a boring home and a beautiful home isn't how much you spend. It's what you do with what you have.

 

 

Roast Shoulder Of Lamb

There is nothing more delectable than preparing lamb for friends and family for Sunday lunch. The tanginess of French mustard adds to the unique flavours of this tender and delicious shoulder of lamb (it is very important that the meat is set aside to marinate for 4 hours). If the roast lamb has been frozen, ensure that it is left to thaw overnight and is completely defrosted.

 

What You Need:

• 1 1/2 kg shoulder of lamb
• 60 ml granular mustard
  
• 1 clove of garlic (crushed)
  
• 1 tablespoon olive oil
  
• 1 tablespoon soy sauce
  
• 1 teaspoon dried thyme
  
• Quarter of a teaspoon of ground ginger

The Process

Put the French mustard, crushed garlic, soy sauce, thyme and ginger into a bowl.
Gradually add in the olive oil, while stirring, and ensure that everything is well combined.
Gently rub the mixture over the shoulder of lamb and allow it to marinate in a cool place for 4 hours. You want the meat at room temperature when you pop it into the oven.
Place the shoulder of lamb on a rack in a roasting pan, cover with tin foil and roast in a 140 Celsius oven  for 3 hours, then uncover, increase the heat to 180 and leave it for another 30 minutes or so. You want a nice dark crust on the outside.
Once the lamb has been roasted, it is essential that it is left to rest for about 15 minutes before carving (this helps to retain juices, which enhances flavour and prevents the meat from becoming dry). If you have ever cut into a roast and had juices flood your cutting board, that is because the moisture in the meat is still too hot, simple as that.
Serve it with roast potatoes and steamed broccoli and cauliflower smothered in a white/cheese sauce
Remember to make a delicious gravy to accompany this great lamb dish. By spooning off some of the fat and using the juices that are left behind in the roasting pan, you will get all the necessary flavours.

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Time To Go Home

A businessman enters a tavern, sits down at the bar, and orders a double martini on the rocks. After he finishes the drink, he peeks inside his shirt pocket, then orders the bartender to prepare another double martini. After he finishes that it, he again peeks inside his shirt pocket and orders the bartender to bring another double martini. The bartender says, "Look, buddy, I'll bring ya' martinis all night long - but you gotta tell me why you look inside your shirt pocket before you order a refill." The customer replies, "I'm peeking at a photo of my wife. When she starts to look good, I know it's time to go home."

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Proud Fathers

Four men went golfing one day. Three of them headed to the first tee
and
the fourth went into the clubhouse to take care of the bill.

The three men started talking and bragging about their sons.

The first man told the others, "My son is a home builder, and he is so
successful that he gave a friend a new home for free. Just gave it to
him!"

The second man said, "My son was a car salesman, and now he owns a
multi-line dealership. He's so successful that he gave one of his
friends a new Mercedes, fully loaded."

The third man, not wanting to be outdone, bragged, "My son is a
stockbroker, and he's doing so well that he gave his friend an entire
portfolio."

The fourth man joined them on the tee after a few minutes of taking
care of business. The first man mentioned, "We were just talking about our
sons. How is yours doing?"

The fourth man replied, "Well, my son is gay and go-go dances in a gay
bar."

The other three men grew silent as he continued, "I'm not totally
thrilled about the dancing job, but he must be doing well. His last
three boyfriends gave him a house, a brand new Mercedes, and a stock
portfolio."

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Last Request

Father O'Grady was saying his good-byes to the parishioners after his Sunday morning service as he always does when Mary Clancey came up to him in tears.
"What's bothering you, dear?" asked Farther O'Grady.

"Oh, father, I've got terrible news." Replied Mary. "My husband passed away last night."

"Oh, Mary!" said the good father. "That's terrible. Tell me, Mary, did he have any last requests?"

"Yes...," Mary replied sheepishly.

"Well?"

"He said, 'Please, Mary, put down the gun.'"

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