Buying your first property is one of the most tedious things to do especially when you are a woman.
This has been an issue for women for generations until over 20 years ago when the state introduced measures to curb the unfair treatment of women who were in traditional marriages.
Since then a lot has evolved and a new company has made things even easier than they were 21 years ago.
A tech-company MortgageMe has set up a fully automated bond aggregator which provides a hassle-free online alternative to traditional property financing/refinancing processes for first-time property buyers.
This in return has made it much easier for first time home buyer to access a variety of institutions that would assist them in making the life changing decision in buying a home.
Andrew Price, Director at MortgageMe, says, “this is a victory, especially when one considers that, before the establishment of the Recognition of Customary Marriages Act of 1998, women in customary marriages were prohibited from owning property as they were deemed to be minors under the guardianship of their husbands or a male in the family.”
He believes that the increase in female property buyers is being driven in part by developments in the PropTech space which are making property buying that much easier.
“The growth of PropTech is empowering first-time female homebuyers to overcome what has traditionally been a time-consuming and difficult process. Some of the barriers that have prevented women from viably entering the property market in the past have included a lack of knowledge around the buying process and lack of understanding around what they can afford, coupled with the many administrative burdens that purchasing a home presents. Fortunately, the emergence of PropTech is beginning to ease these pain points.”
Take the tedious task of applying for a home loan, for example. Property buyers can now harness technology to not only speed up the process, but to also secure a more financially attractive deal.
MortgageMe users, for instance, have access to a fully automated bond aggregator that generates submissions to leading banks and lenders.
The service saves homebuyers from having to spend time contacting multiple banks and lenders for financing, as well as from having to fill in the necessary financial documents manually offline. This is because the platform enables them to input the required data once, while the automated process does the rest.
For women wanting to purchase property, Price offers the following advice:
- Work out what you can afford to pay each month: Calculate all your monthly expenses to see what disposable income you can put towards paying off a home loan. You should also keep in mind extra costs like a deposit, home-owners insurance and rates.
- Figure out the price range you should be shopping in: Use the bond calculator on the MortageMe platform to help you determine this. Enter your gross monthly income, the interest rate as well as the repayment term and it will tell you the home loan you can afford.
Check if you qualify for a home loan: With the MortgageMe Affordability Wizard, all you need to do is upload your bank statements and a detailed assessment of you monthly.
- income and expenditure will be conducted to determine how much more credit you can responsibly take on. If you qualify for a home loan, you’ll be issued with a bond certificate specifying the recommended maximum loan amount and the estimated monthly repayment on it. This will come in handy when submitting an Offer to Purchase for your dream home.
“We are proud to be part of the PropTech revolution that is enabling more women to empower themselves through property ownership,” concludes Price.