As a new home-owner, you are going to need three types of insurance – at least one of which may be completely new to you.

With the political, economic and social landscape in South Africa being what it is, i.e. dynamic but riddled with challenges.

Housing demand has continued to gain momentum since the start of the year and in the third quarter, the number of applications for home loans was at its highest level in more than three years, according to the latest statistics from BetterBond, SA’s foremost bond originator.

The Monetary Policy Committee (MPC) of the Reserve Bank has once again decided to leave South Africa’s repo rate unchanged at 6,75% and prime interest rate the same at 10,25%.

Rudi Botha, CEO of SA’s leading bond originator BetterBond, says the SONA was very wide ranging and covered a huge number of initiatives, but that there were definitely some highlights for the real estate market.

No-one wants to default on their bond instalments or other account payments, but often in January and February, there just isn’t enough money to go around after a big holiday splurge in December.

The Reserve Bank on Thursday kept the repo rate unchanged at 5,75% per annum amid concerns over inflation and economic growth.

Just as the US needs “all hands on deck” to stop it sailing over the fiscal cliff, so SA needs a multifaceted effort now to solve a housing crisis that threatens to overwhelm the country.

The number of households where adult children will move back in with their parents, or ageing parents will move in with their children, is set to increase exponentially within the next few years.