Property Buyer Show 2017 | Financial advice from ABSA

Private Property South Africa
Private Property Reporter

Luther, an ABSA representative at the Property Buyer Show, offers financial advice and pro tips on how to maintain a good credit profile.

Vlogger, Marc Maurel: Hey, so I'm with Luther from ABSA and we're going to ask him a couple of questions based on what's the current climate in property, and what we should be looking out for.

Luther: When you get your first salary, don't go and buy a 3-series BMW, as they are hard to afford over the long-term. And then when you start looking for a property, it actually affects your affordability, and then you have to always downscale to what you would have wanted to buy, because now you're spending too much on a car that's probably not needed for yourself at that stage of your life.

Luther: Also, look after your payment profile and credit record, because if you just skip one payment it reflects on credit bureau. And that then affects the amount of deposit that is required. The worse your payment profile is, the higher your deposit requirements are.

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