00:00 Hundreds flocked to Republic Bank's home ownership event, a clear and telling indication of the
00:06 home ownership status of the population.
00:09 I think we have close to possibly 500 to 700 persons thus far, right?
00:14 And we only are around half past 11, we go till 5 o'clock.
00:20 So we have actually seen quite a number of persons thus far.
00:23 What is the price point that you're seeing most requested from people here today?
00:28 Yes, so the price point I will say is between 1.2 to 1.5.
00:33 That is what the majority of persons seem to be asking about.
00:37 Aspiring homeowners were able to check out the listings on the market and also meet one-on-one
00:43 with RBL mortgage specialists to get pre-qualified, with the vast majority falling in the lower
00:48 and middle income brackets.
00:50 At around $1.5 million, what is the average qualifying salary and monthly instalment looking like?
00:58 So the qualifying salary at $1.5, we've been told is in the vicinity of $17,500 per month
01:10 in order to be able to pay on a 30-year mortgage about $7,700.
01:17 But real estate agents tell TV6 developers have been responding more and more to the
01:22 demands of the market.
01:24 And the more million-dollar homes are becoming available, albeit probably not single units.
01:30 Now you have more developments coming onto the market where the prices don't have to
01:36 be as high as $1.5 or $2 million.
01:39 So if you are open to a townhouse or even a condo, which we would call an apartment in
01:45 a gated community, there are developments on the market where you can get in to the
01:50 development at $750, $800.
01:53 You have townhouses along the east-west and in central that start around $1.5, $1.4, and
01:58 you can even get a fixer-upper, which is house and land for that price.
02:01 So you have options.
02:02 So the average person has way more options, and I believe into the next two to five-year
02:08 period you're going to see a large increase in developments around the country and varying
02:13 prices.
02:15 On the financing end, Republic Bank says it's doing all that it can to facilitate the process
02:20 to make the dream of home ownership a reality.
02:24 We have 100% financing.
02:25 So it means that even if you don't have a down payment, we could provide you with 100%
02:32 financing of the property.
02:33 So if the property costs $1.2 million, then we could finance you up to $1.2 million.
02:39 Then we also have cashback of $40,000.
02:43 So a lot of times, persons may actually be interested in buying a house, can afford it,
02:49 but then when they reach legal fees, can't afford the legal fees.
02:53 So the cashback of $40,000 could be put towards the legal fees.
02:57 Renassa Cutting, TV6 News.
02:59 [BLANK_AUDIO]
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