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IOL News
2 days ago
- Business
- IOL News
First-Time Buyer in SA? Why a 10% deposit can save you over R160K
It pays to conduct a detailed analysis of your spending habits as a starting point. Image: RON AI Simon* was no stranger to second-guessing himself, and at times, he really wondered if he was making progress in life. As a junior account manager at a marketing agency, he was making a reasonably good salary for a 28-year-old. Not thriving, not rolling in it, but theoretically skirting within the boundaries of middle-class life. But often it just didn't feel like it. He lived in shared accommodation with two other people. When his girlfriend slept over on weekends, she complained about having to share a bathroom with other housemates. She also wasn't a fan of his silver 12-year-old Toyota Yaris with a massive gash across the back bumper. Many of his friends rented their own townhouses, often impeccably furnished, and with the obligatory big screen TV for Saturday's rugby game. One of his friends, at a similar earning level, bought himself a brand new Polo GTI, right out the box. But when Simon looked at his investment account balance, a gentle smile lit up his face. Living below his means, and strictly managing his cash flow, was allowing him to save between 30% and 40% of his net income, depending on each month's unexpected expenses. He'd been saving at a significant level since the age of 26, and not too long after his 30th birthday, Simon bought his first house. He did this with a 30% deposit, drastically reducing his interest rate and setting himself up to be debt-free sooner than expected. He also traded up to a partner who didn't judge his trusty old ride. There are numerous examples of South Africans who made the necessary sacrifices to save up for their home loan deposit. Although many first-time home owners opt for a zero deposit option, this will lead to significantly higher interest rate payments over the long term. Let's look at a simple example. If you buy a R1 million home with a 100% deposit, at 11.75% interest over 20 years, your monthly instalment will be R10,837, and the total interest paid over the term will amount to R1,6 million, according to FNB. But put down a 10% deposit of R100,000 and you're looking at a lower monthly payment of R9,753, and the total interest amount is reduced to R1.44 million. That's a saving of around R160,000 in interest over the 20-year period, and you stand to save far more than that by putting down a 20% or 30% deposit. 'Putting down a deposit signals that you're financially ready. It reduces the loan amount you need, lowers your monthly repayments, and increases your chance of approval. It also shows that you've built the habits needed to manage your long-term financial commitments,' says Sfiso Mahlangu, structured lending product manager at FNB Home. But how do you save for that all-important deposit? Farzana Botha, senior communications manager at Sanlam Risk and Savings, said she and her husband made several sacrifices while saving for their first home deposit. These included downsizing their car to reduce repayments and selling household items that were no longer needed, while her husband also took on side jobs to generate additional income. 'These sacrifices were tough but worthwhile – having a deposit gave us access to better finance options and made our dream of homeownership possible,' Botha enthused. She says living below your means is one of the smartest ways to reach your dream of owning a home faster. 'It starts with being intentional about how you spend and save. Work out how much you'll need for a deposit and set a monthly savings target. Automate that amount as soon as you're paid so it becomes a priority rather than an afterthought.' She recommends tracking every cent of your income and expenses, and making lifestyle tweaks where possible. This could mean cutting back on things like entertainment, takeaways and subscriptions. Even small changes like cooking at home and sharing streaming services can free up hundreds each month, she adds. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ It's well worth saving up for a bigger deposit if you can. Image: RON AI Luke Davis-Ferguson, financial planner at Fiscal Private Client Services, advises South Africans to resist the urge to upgrade their lifestyle after receiving a raise or bonus. 'Consider moving in with family, getting a roommate or relocating to a more affordable area temporarily. Selling unused items can also give your savings a quick boost.' His firm recently helped a couple create a monthly surplus of nearly R5,000, simply by reducing discretionary spending on eating out, subscriptions, and impulse purchases. Be aggressive with your savings strategy Luke Davis-Ferguson says the first step is understanding exactly where your money is going. He recommends downloading bank statements from the past three to six months and reviewing every line item. Tools such as Discovery Bank's Vitality Money Financial Analyser or FNB's Money Savings Goals can be used to create a detailed and customised monthly budget. Davis-Ferguson says the 50/30/20 rule is generally used as a starting point for budgeting. This means 50% for needs such as rent, groceries, transport and medical aid, 30% for wants like entertainment and eating out and 20% for savings and debt repayment. However, if your goal is to save for a deposit, this ratio needs adjusting. Consider trimming wants to 10% and boosting savings to 40%. Ester Ochse, product head at FNB Integrated Advice, recommends a 'pay yourself first' approach to savings, in which you automate your banking and move a set percentage of your income into a separate savings account. Ester Ochse, product head at FNB Integrated Advice. Image: Supplied 'This removes the guesswork and the temptation to use what's meant for your future on short-term wants,' Ochse said. She recommends the 80:20 rule, with at least 20% of one's income being directed to savings, or more if possible. Furthermore, it's vital that you set a clear savings goal with a clear timeline, says Tando Ngibe, senior manager at Budget Insurance. 'Break it down monthly so it feels achievable. Then automate your savings through your bank so it becomes a habit, not a decision. 'Remember, living below your means isn't about depriving yourself. It's about being intentional with your money so you can build the future you want,' Ngibe added. Tackle your debt first Before ramping up your savings, it's crucial to tackle any high-interest debt, especially from credit cards, clothing accounts or personal loans, Davis-Ferguson says. 'These debts often carry interest rates that far exceed what you could earn in a savings account, meaning they erode your financial progress,' he adds. 'Start by listing all your debts, including balances, minimum payments, and interest rates. Focus on paying off the highest-interest debts first (the avalanche method), or if you need quick wins to stay motivated, start with the smallest balances (the snowball method). 'Once you have cleared your high-interest debt, redirect those monthly repayments into your savings,' Davis-Ferguson concludes. It's important to estimate what your monthly costs will be after purchasing your first home, Discovery Bank's head of technical marketing, David Leibowitz advises. This means adding up the estimates of your monthly home loan, as well as municipal rates, utilities, levies (if you're in a complex), home insurance and future property repairs and maintenance. Bond registration and property transfer costs also need to be budgeted for in advance. Why you should put extra money into your bond If you've budgeted correctly and there is still a bit of money left over at the end of each month, it makes a great deal of sense to put this into your bond. Simon, who we mentioned earlier, is already looking forward to paying off his bond sooner and saving a great deal on interest by employing this trick. But how much can realistically be saved? According to FNB, paying an additional R500 into your 20-year bond on a R1 million property, using the aforementioned example, will save you R335,000 in interest and shorten your loan period by three years. Whichever strategy you follow, it is important to approach your savings with a goals-based approach, says Nicola Langridge, wealth manager at Private Client Holdings. 'Starting a new exercise regime has always been hard for me when I am not clear on what the goal is. I am far more committed when I have entered a 21km race or booked a hiking trip that requires preparation and has a clear deadline. Saving for your financial future follows the same principle,' Langridge says. But life does not happen in a straight line, so regular reviews and adjustments are essential as circumstances evolve, she adds. IOL
Hindustan Times
10-06-2025
- Automotive
- Hindustan Times
Volkswagen Golf GTI starts arriving at dealerships. What this hot hatch offers?
Volkswagen Golf GTI, a performance-focused hot hatch that was launched in India a few days ago at ₹53 lakh (ex-showroom), has now started reaching dealerships. The Golf GTI was launched in India as the second GTI badged model after the Polo GTI, which was launched in the country in 2016. The automaker has stated that the Volkswagen Golf GTI's first batch is already sold out in the country, which comprised 150 units. The auto company also said that buoyed by the sales performance of the first batch, it is now planning to bring the second batch of Golf GTI into the Indian market, which will comprise 100 units. The second batch of the hatchback is expected to arrive in India sometime at the end of this year. ₹ 53 Lakhs Offers Expiring soon ₹ 44.9 - 55.9 Lakhs Offers Expiring soon ₹ 48.1 - 49 Lakhs Offers Expiring soon ₹ 54.9 Lakhs Offers Expiring soon ₹ 18.9 - 26.9 Lakhs Offers Expiring soon ₹ 11.5 - 17.6 Lakhs Offers Expiring soon The Volkswagen Golf GTI was launched in India in a single, fully loaded variant. Also, the hot hatch was introduced to the Indian market as a CBU (Completely Built Unit) product. (Also read: Upcoming cars in India) The Volkswagen Golf GTI is available in four different colour options, which are Moonstone Grey, Oryx White, Kings Red Metallic and Grenadilla Black Metallic. Some of the design elements of the newly launched Volkswagen Golf GTI at the exterior include all-LED lighting at the front and rear, 18-inch dual-tone alloy wheels, and dual exhausts with chrome tips. Moving inside the cabin, the car gets a fully digital instrument cluster, a three-spoke steering wheel, a driver-oriented dashboard, a 12.3-inch touchscreen infotainment system, ambient lighting, and a panoramic sunroof, among others. It gets seven airbags on the safety front. Powering the Volkswagen Golf GTI is a 2.0-litre four-cylinder TSI petrol engine that is mated to a seven-speed DCT automatic gearbox. The engine churns out 261 bhp peak power and 370 Nm of maximum torque. The engine propels the Volkswagen Golf GTI to accelerate from zero to 100 kmph in 5.8 seconds.
NDTV
26-05-2025
- Automotive
- NDTV
Volkswagen Golf GTI Launched In India: Check Price, Specs
Volkswagen has finally launched the Golf GTI in the Indian market at a starting price of Rs 53 lakh (ex-showroom). With this price, the hot hatch has become the most expensive car of the brand on sale in the country. Furthermore, it is the second model with the GTI suffix in its name after the Polo GTI, which was earlier sold in the country. Brought via the CBU route, the hatchback had limited units for the Indian market and has already sold out. Presently in its eighth generation, the Volkswagen Golf GTI is available in Kings Red Premium, Grenadilla Black Metallic, Oryx White Premium, and Moonstone Grey color options. The vehicle maintains the sporty look synonymous with the model found in the international market. This is further highlighted by a unique design for the 18-inch alloy wheels, black accents on the front bumper, and a single exhaust outlet. Additionally, the GTI badge is located on the front door with a Matrix LED headlamp on either side. In terms of the interior, it features a 12.9-inch touchscreen infotainment system that utilizes voice commands powered by Chat GPT. Furthermore, the vehicle comes with a GTI-specific digital display adorned with red accents. Other features include wireless Android Auto and Apple CarPlay, multi-zone climate control, heated and electrically adjustable front seats, paddle shifters, along with a 10.25-inch digital instrument cluster. The Volkswagen Golf GTI in India is powered by a 2.0-liter four-cylinder turbo-petrol engine that produces 265 hp of power and 370 Nm of torque, paired with a 7-speed dual-clutch automatic transmission that delivers power to the front wheels. It is equipped with an electronically controlled front-axle differential lock. Volkswagen claims that the Golf GTI can accelerate from 0 to 100 kmph in 5.9 seconds, with a top speed electronically capped at 250 kmph.
TimesLIVE
01-05-2025
- Automotive
- TimesLIVE
How low can a Ford Ranger Raptor go?
Since its February 2023 launch we've test driven the new 3.0 V6 petrol turbo-powered Ford Ranger Raptor several times, and mostly as it was intended: in angry mode. The burly bakkie was created to blast along faster than any other pickup, with trick suspension and knobby tyres that make it supremely capable as a high-performance off-roader. We've raced the Raptor along Namibia's sand dunes, diced it against hot hatches and generally (mis) treated it as the high-adrenaline machine it was purpose-built to be. When we tested it at Gerotek with a Vbox, Ford's potent pickup sprinted from 0-100km/h in a hot hatch-like 6.7 seconds, making it the quickest bakkie we've yet tested — by quite some margin. We hadn't spent much time driving it sedately, however, so to set that right we embarked on a fuel economy run as the first order of business when a dark grey Raptor arrived for a long-term test earlier this month. The fast Ford is a notorious fuel guzzler when engaged in high-paced pursuits, but we wanted to see how frugal it could be when driven with restraint, and a journey from Joburg to KwaZulu-Natal's south coast over the Easter weekend was the ideal opportunity. In our previous test drives the Raptor returned an average fuel consumption of 14.9 l /100km, and a budget-busting 22 l /100km when driven in high-adrenaline mode. It had never come close to the factory-claimed 11.5 l figure. When we set out from Joburg at 4am to beat the Easter weekend traffic, our goal was to drive the Raptor at regular speeds instead of crawling along in the left lane with all the trucks, and obtaining an unrealistically low economy reading. We kept to the speed limit and focused on maximising fuel efficiency with smooth driving and avoiding sudden accelerations. We drove in the vehicle's Normal mode, which kept the engine revving lower by spending more time in higher gears than in Sport. With 10 speeds, the automatic transmission has a lot of ratios and is able to tick along at low rpm at cruising speeds. The temptation to exploit the bakkie's power was often strong, and the six-cylinder engine's 292kW and 584Nm are always bristling in the background. But except for one brief pedal-to-the-metal occasion when a cheeky Polo GTI driver needed schooling, we managed to drive with a light foot over the complete seven-and-a-half-hour trip. The Raptor arrived at the destination with a fuel average of 11.6 l /100km, a little better than we had hoped for, and showing what a difference it can make to drive with a focus on efficiency. A few days later, for the uphill return trip to Gauteng, with an elevation gain of 1,600m we knew the Raptor would be less frugal but we aimed to get under 13 l /100km. Driving in the same smooth and steady way, we achieved our goal and arrived in Joburg with the on-board computer showing 12.6 l. We felt this was pretty good for a V6 turbo bakkie that weighs more than 2.4 tonnes. Bottom line is that Ford's R1,270,000 plaything makes a good long-distance vehicle that doesn't slurp fuel like a truck if you drive it right.
