Mortgage & Property Talk SA
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100% Home Loans in South Africa
There are so many conflicting reports these days as to which banks offer 100% home loans and which don’t.
Let me clear that up for you. Just keep in mind that sometimes it depends if you also have your personal bank account at that bank or not.
Absa Home Loans - On home loans of under R1.5 million, maximum loan of up to 90% if the applicant with the biggest salary banks there. Maximum 70% if you don’t bank there.
If you earn under R15 000 per month (joint or single income) you can qualify for up to 110% loan – this means no deposit, PLUS all your attorney fees are covered.
Standard bank Home Loans – On home loans of under R2.5 mil, a maximum loan of up to 90% – Standard Bank have advertised that they offer 100% home loans if you work directly with them and not through an originator, but I have yet to hear of more than 1 client confirming that they got a 100% loan from Std Bank.
Under R15 000 income you can qualify for up to 104%, which is also the full purchase price plus costs.
FNB Home Loans – On home loans of under R2 mil up to 100% loans. If your income is under R15 000 you can also qualify for a up to 104% home loan
Nedbank Home Loans – up to 100% home loans if the purchase price is under R3 mil.
SA Home Loans – 95% home loans for purchases.
They also have a new offering of a 90% home loan with interest only for the first 3 years. This means better house – for the same instalment. So you get the home you really want. With EDGE, clients pay the lowest possible instalment – the interest only – for the first 3 years, then revert to a standard loan for a further 20 year period. This makes it ideal for clients who want to buy up now, knowing their income will grow to match their repayments.
CONTACT US
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.
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Call us on 011.327.4489
Email: morne@mortgagepluscc.co.za
www.mortgagepluscc.co.za
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