100pc mortgage helps couple realise dream
Cindy and Rashaad Vahed would have left New Zealand if they had failed to buy their own home.
Monday, November 14th 2005, 11:42PM
by The Landlord
The 26-year-old professionals were struggling to scrape a deposit together, and their homeowning dream looked bleak.They even contemplated returning to South Africa.
That was until late July, when they succeeded in getting a 100 per cent home loan of $305,000 to buy a terraced townhouse in Albany.
But Mrs Vahed said it was initially a struggle convincing the banks that they could service the debt.
The credit control officer and her husband are now paying $2700 a month on their mortgage - three times more than they would have paid in rent - but say their first step into home ownership has been well worth it.
It would have been very difficult for them to scrape together a deposit while paying rent, said Mrs Vahed - and she knows of other couples in a similar situation.
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