Nedbank Opens Its Doors To 100% HomeLoans

100% No Deposit Home Loans

South African Banks are constantly changing their lending policies.
100% Home Loans have returned & are available, but the banks are understandably more cautious when approving these bonds.
Read: How to secure 100% and 110% Bonds

Home Loan News:

In May 09 Nedbank announced that they would reintroduce 100% home loans – to all clients purchasing a Nedbank Owned Property (NOP).

Just a few months later, on Sept. 29, the bank changed their lending policy to allow 100% bonds on normal property purchases.

According to their most recent change, Nedbank will consider offering you a 100% mortgage if you are buying a property up to the value of R3 million, and you have a favourable credit rating.
For properties over R3 million you will be able to secure a maximum of 85%.

Note:
All Nedbank Owned Property purchases still qualify for a full 100 percent bond. There are no limits in the purchase price in this regard.

It seems all the banks are beginning to have an optimistic view of toward lending, following the news that property prices are starting to increase again.

Find out how much you’ll qualify for. Contact one of our consultants.
Email: olen@propertyloans.co.za
Ph: 0861 111 563
or Complete This Application Form Online

Date Posted: Sep 30, 2009
In Categories: Nedbank Home Loans
Related Tags: 100% homeloans, Loan-to-Value, Nedbank, Nedbank Owned Property

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6 Comments For This Post

Charles Says:
October 20th, 2009 at 9:14 am

This is very good news – it finally feels as if things are starting to get back to normal.

Alison Says:
January 13th, 2010 at 11:23 am

Interesting, considering that I received a letter from Nedbank a few weeks ago stating that their policy is not to offer homeloans above 80%.

Bond Originator South Africa Says:
January 13th, 2010 at 2:03 pm

Hi Alison

The letter you received maybe out dated.
I can confirm that Nedbank are certainly offering 100% bonds again.
During the big credit crunch the banks stopped offering 100% home loans, but the markets have since turned and all the major South African banks are now relaxing their lending criteria.

Each home loan application is considered on merit, and although the bank does offer 100% bonds, they may decide to only offer you 80% to reduce their risk exposure.

Linda Says:
March 13th, 2010 at 8:38 am

Can someone earning a gross salary of R5700 qualify for a homeloan in South Africa, and which lenders can assist such individuals, respond via my email or this blog

Gino S Says:
March 15th, 2010 at 4:15 pm

Hi Linda. The banks will allow you to use up to 30% of your NET monthly income. This means that you could qualify for a home loan but it will be tough to find a suitable property in that price range. You should consider renting for a while and save any extra funds to use as a deposit on your new home.

Pat Says:
April 14th, 2010 at 2:05 pm

I want to consolidate my home loan account and Wesbank account(car)Home loan +- 560 000 and car 190 000

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Charles Says:
October 20th, 2009 at 9:14 am
This is very good news – it finally feels as if things are starting to get back to normal.
Alison Says:
January 13th, 2010 at 11:23 am
Interesting, considering that I received a letter from Nedbank a few weeks ago stating that their policy is not to offer homeloans above 80%.
Bond Originator South Africa Says:
January 13th, 2010 at 2:03 pm
Hi Alison

The letter you received maybe out dated.
I can confirm that Nedbank are certainly offering 100% bonds again.
During the big credit crunch the banks stopped offering 100% home loans, but the markets have since turned and all the major South African banks are now relaxing their lending criteria.

Each home loan application is considered on merit, and although the bank does offer 100% bonds, they may decide to only offer you 80% to reduce their risk exposure.
Linda Says:
March 13th, 2010 at 8:38 am
Can someone earning a gross salary of R5700 qualify for a homeloan in South Africa, and which lenders can assist such individuals, respond via my email or this blog
Gino S Says:
March 15th, 2010 at 4:15 pm
Hi Linda. The banks will allow you to use up to 30% of your NET monthly income. This means that you could qualify for a home loan but it will be tough to find a suitable property in that price range. You should consider renting for a while and save any extra funds to use as a deposit on your new home.
Pat Says:
April 14th, 2010 at 2:05 pm
I want to consolidate my home loan account and Wesbank account(car)Home loan +- 560 000 and car 190 000

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