Increase in home loan applications in June

The percentage of first time buyers has increased by 12 percent in June. That’s according to Loan Originator OOBA. Natasha Champion OOBA regional sales manager elaborates on the spike. Courtesy #DStv403

JOHANNESBURG - The percentage of people wanting to own property increased in June, according to Loan Originator OOBA.

This despite the pressure on the economy due to the COVID-19 pandemic.

Fifty-five percent of the applicants were first time buyers, around the age of 34.

READ: COVID-19: Property prices to fall this year

"I think it is important to note that a majority of our applicants are first-time buyers so they've usually accounted for a large proportion of our applications but in the month of June specifically and July, they have accounted for more than half of our applications," said OOBA regional sales manager Natasha Champion.

Champion says more banks are motivated to help first-time buyers who were previously unable to afford a loan.