Munaka Muthambi bought a Sandton flat. Only one bank said yes

Content creator Munaka Muthambi (@mooo.nakaa) has bought her first property, a sectional title unit in Sandton, and her three minute TikTok on how she did it as a self-employed person has about 243,000 views and 51,000 likes since she posted it on 27 October.

She breaks it into nine steps: decide what you want, negotiate the price, sign the offer to purchase, apply for a home loan, get your financial documents ready, compare banks, budget for deposits, transfer and registration costs, meet the attorneys, and understand what type of property you're buying. She says the unit was listed at 1.7 and she got it down to 1.6, and that she bought it to run as an Airbnb.

The home loan was the hard part. She says she went to FNB, Absa, Nedbank and Standard Bank, that one bank wanted a R600,000 deposit, and that FNB was the only one that gave her a bond. Her advice to other self-employed buyers is to pay yourself a salary so you have payslips, have your financial statements ready and be tax compliant. She also suggests asking a neighbour for their levy statement before you buy, so you know what the levies really cost. In the clip she says most bonds run 20 years; an estate agent in the comments points out they can go up to 30.

What the comments are saying

@southafrican_5:

"this are the things we wanna see on podcast" (1,570 likes)

@unknown._tina:

"Why does it sound so complicated 😭😭" (1,279 likes)

@mandaaa_sk:

"Munaka,The Property Owner!!🔥🔥" (1,159 likes)

@tshepi_masilonyane:

"Step 1: have money 😮‍💨" (1,033 likes)

@buhlale_m:

"I knew I wasn’t following you for no reason !! Such a smart girlie 🥺🤏" (573 likes)

@_chichyyyyyy:

"Buying a property as someone who’s self employed is crazyyyy. Showed me flames" (371 likes)

@lindiljr:

"Congratulations mami!!!!!! You explained it so nicely!!💃🏾💃🏾💃🏾💃🏾💃🏾 Real estate agent here✋🏾: the bond repayments go up to 30 years." (360 likes)

@leeannmandala:

"I love women talking openly about investments and how to do them. We need more of this, congratulations gorgeous and thank you for the info!!!🥰🥰" (101 likes)

Video and image: @mooo.nakaa on TikTok.