Standard Bank JumpStart Home Loans

108% Mortgages for First-Time home buyers from Standard Bank

If you’ve never owned a home before and are looking to purchase a property for the first time, you’re often referred to as a First-Time Home Buyer.

First-Time Home Buyers usually have similar problems and therefore the banks have developed mortgage solutions specifically for this type of client.

One of the biggest obstacles first-time home buyers faced in previous years was that they could not afford to pay the costs involved in applying for a homeloan. Also, very often these clients could not afford to put down a deposit on their mortgage as a result 108% home loans were introduced.

Standard Banks 108% mortgage is called the JumpStart Home Loan, and it is only available to First-Time Buyers. A similar home loan called the Costs-Inclusive Home Loan is available for Second-Time Buyers.

Qualifying Criteria:

  • You need to be a first time buyer.
  • The Home Loan amount must be between R100 000 and R2 Million.
  • You need to earn a single or joint income of at least R6 000pm,
  • and you must be 21 years or older.

STD Bank JumpStart Options:
There are 3 JumpStart Interest Rate Options available:

  • variable
  • fixed
  • three month payment holiday

1. Variable Rate Option
With a variable home loan interest rate you enjoy the flexibility and benefits of a fluctuating rate. For the JumpStart Home Loan your interest rate will always be the current Prime Rate

2. Fixed Rate Option
A fixed rate ensures that you have assurance regarding your bond repayments for up to 24 months months. The fixed rate option is available for 12, 18 and 24 months.

3. 3 Month Payment Holiday Option
A 3 month payment holiday option allows you to pay your first bond installment three months after registration.

If you choosing this option a maximum of 27% of your income can be used to pay off your Bond.

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1 Comment on “Standard Bank JumpStart Home Loans”

  1. Ntobeko Khumalo

    How does the process work? Does the bank oversee the actual purchase or do you just avail funds and let the client do his own purchase

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