Prime Rate Decrease!

Reserve Bank govener - Gill Marcus

Good news for home owners and prospective home buyers alike is that the South African Reserve Bank unexpectedly cut its repo rate by 50 basis points to 5.0 percent today.

This cut means that the prime lending rate will drop to 8.5% making owning property the most reasonable it has been in over 30 years!

Whether it be your first home purchase or the purchase of additional investment property, Mc Naught and Company will expertely deal with your transfer process!

Expiring Vouchers - not so fast!

My daughter gave me a back massage voucher at Christmas, but being the busy person I am the 6 month "expiry" date on the voucher soon passed and finding the voucher also proved difficult. However, all is not lost. In terms of the Consumer Protection Act a voucher may not expire before 3 years has passed from date of issue.. that means I got my massage after all! Sure, this could be difficult for businesses whose prices over the 3 years escalate. To overcome this, I would recommend to businesses issuing vouchers that they either put a value on the voucher and make the voucher valid for goods or services up to the stipulated value, or a clause needs to be added... something to this effect - "Should the voucher be used beyond 6 months from date of issue, the company reserves the right to require payment of the difference between the value of the service at time of issue and the date of use of the voucher." This should be fair to all concerned.

July Newsletter published

The Consumer Protection Act is still causing complications. Read about it in our July newsletter and download our guides off our Skydrive.. click on the link here.