Budget Reaction- FNB applauds budget

First National Bank (FNB) has applauded the announcement made today by Finance Minister Trevor Manuel in his national budget that houses less than R500 000 will no longer attract transfer duty.

According to Ed Grondel, CEO of FNB Home Loans, “This move will help to further encourage home ownership in South Africa. This positively affects prospective first time homeowners, where a saving of R25 000 would be enjoyed on a home of R500 000.”

With the steady increase in property prices over the past 24 months, this is a welcome relief to individuals wanting to enter the market.
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