|Rudi Botha, CEO of leading mortgage originator Betterbond, says the Transfer Duty relief announced in today's Budget will be a huge benefit for homebuyers across a very wide spectrum.|
"For example, Betterbond currently processes some 12 000 home loan applications a month, at an average value of R600 000 - and an average transfer duty value of R28 000.
"This average transfer duty payable will now drop to R5000 - representing a huge saving of R23 000 per homebuyer.
"And of course there will be no duty at all payable on properties sold for less than R500 000, which will really assist those who have speculated in cheaper stands and units over the past three years to sell those properties
now - hopefully in most cases to first-time buyers who have been finding it difficult to enter the market."