South African National Credit Act
There have recently been put into place some very important safety measures for consumers seeking home loans in South Africa. For years before this people were able to secure SA homeloans without regard for whether or not they could afford them or ensurance that this was the proper thing for their budgets. In addition, many people were afforded home loan packages that they did not fully understand. The effect of this personally on people and their families and also on the economy as a whole was devastating. The National Credit Act guarantees against such wrongs. All home loan applicants must now make full disclosure of all their income and expenses. It stipulates that all who apply and get a home loan will not exceed their credit limit.