Need Your First Home Loan?

Buying your first home is exciting and a little scary at the same time. Not only are you faced with the challenge of finding the right property to become your first home, but you also need to know you’re getting the right first time buyer home loan.

When Should I Buy My First Home?

First home buyers often want to know when the best time to buy is going to be. The answer is simple when you have a professional home loans lender. There is no right or wrong time to buy your first home – only the time that suits you and your circumstances.

Many would-be investors will try to time the market and buy at the bottom of the real estate cycle, looking for a bargain, but the truth is it makes no difference when you buy. The right time is when you feel you’re ready to go out and buy your own home.

How Much Can I Borrow?

Before you go hunting for your new home, you should have a clear idea of exactly how much the banks will allow you to borrow. Once you understand how much borrowing power you have, learn how much the repayments will be and work out if this amount is affordable for your income level.

Knowing your borrowing capacity and your repayments ahead of time means you won’t be tempted to overspend or go hunting for houses that are outside your budget. Contact, our home loan Advisors they will be able to help you achieve your goals.

Which First Time Home Loan is best?

The South African mortgage market can be a confusing maze of options, home loan interest rates and bank jargon that can be difficult for a first home buyer to navigate successfully, but you don’t have to get through it on your own.

When it comes to finding the ‘best’ first mortgage for you, it’s important to remember that no two people have identical financial situations. Nobody else but you has your income, your expenses or your goals. This means that aiming at a mortgage that worked really well for a friend or family member of yours may be a terrible option for your own first home loan.

Always keep in mind that you should aim at finding a mortgage package that works best for your unique personal situation.

Will I Get a First Home Buyer’s Grant?

The First Time Home Owner’s Grant is a great incentive offered by your South African Banks to help you buy your first home.

Do I Need a Deposit to Buy My First Home?

Most South African banks have scaled back the availability of no deposit home loans and 100% home loans. In certain circumstances, it is possible to buy your first home without needing a substantial deposit and some banks even allow you to use your Pension fund as security for your first home purchase.

But there’s a another option exclusively from Mortgage Plus – We call it our Mortgage Deposit Loans.

This Personal Loan product is specifically structures for Property Buyers that wants to buy residential properties but do not have a cash deposit or transfer cost for the property they are buying.

The best way to check if you’re able to begin searching for your first home is to contact one of your professional mortgage advisors.

That will help you to understand your full borrowing capacity, you’ll know how much your repayments will be. Your Mortgage Plus Advisor  will make sure that you’re applying for the best possible first home loan to suit your needs and your goals.

No Deposit? …… No problem – check out our Mortgage Deposit Personal Loans

Speak to a home loan consultant about financing your new property or reviewing your existing mortgage. We are able to assist in lowering your bond repayments and securing attorney discounts.

Complete this short form online
Call us on 011.327.4489
Email: morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

Home Loan Types
There are several types of home loans available from the major banks in South Africa. Below we have listed a few of the different options, but for more details and advise, speak to one of our Home Loan Originators.

First time buyers Home Loan
If you have never owned a property or had a home loan before, a special home loan is available, whereby the banks will lend you more than 100% of the property value. This will allow you to include the transfer and registration costs into the home loan, making it easier for you to enter the property market. No deposit is required with this option.

A Variable Home Loan
This is just a normal home loan which is given at the negotiated interest rate. Home Loan rates are always negotiable, and are generally affected by the amount of the loan taken out. The smaller the loan, the less chance you have of getting below the prime lending rate. With this type of home loan, if the interest rates increases by 1 percent, your home loan rate will increase accordingly. If the interest rate drops, so will your home loan rate.

Fixed Home Loan Rate
With this type of home loan, your interest rate is fixed for a period of time. Usually for one or two years. One thing to bear in mind with this option, is that the interest rate will be slightly higher that the current home loan rate. One good advantage is that it protects you from rising interest rates, so for that period of time you know what your bond repayments are. The only downside is if the interest rates drop, your home loan rate will stay unchanged – thus costing you more at the end of the day.

Capped Home Loan Rate
With this type of Home Loan, your interest rate is capped at a maximum rate of interest for a period of time, so you will never pay more than the capped rate. If the interest rates increase, you will never pay more than the capped rate you have negotiated. A good thing about this option is that you will enjoy the benefits if the rates decrease. Please note – this type of  Home Loan is not always available, and certain criteria is required before the Banks will approve your application. The Types of Home Loans offered by South Africa’s leading Banks!

For your convenience we have put together some information from South Africa’s 4 leading banks. Although our consultants will give you all these options, we believe it will be useful to you, as you will know what is available to you.

Absa Bank
First National Bank
Nedbank
Standard Bank
Sanlam Home Loans
Sa Home Loans

CONTACT US
For more assistance with regards to Applying for Home Loan Finance .
Email: morne@mortgagepluscc.co.za
Ph: 011.327.4489
or Complete This Online Form