Home Loan Tips
The South African homeloan market has grown rapidly over the past year, and consumers are now almost spoilt for choice when it comes to applying for a mortgage.
Although FNB, ABSA, Nedbank and Standard Bank remain the four largest SA Bond lenders, other large companies are beginning to put pressure on the BIG FOUR. Sanlam and Old Mutual Home Loans are growing fast and Standard Chartered Bank, an international bank based in London, are now also offering home loan products to South Africans.
With so much to choose from how can you ensure that youâ€™re getting the best bond deal?
1. Invest Wisely:
In most cases your bond is going to be your largest single investment and therefore you need to carefully consider the interest rate offer on your bond. Because rates tend to fluctuate be sure not to overextend yourself.
2. Consider your total Costs-to-Income:
Typically, banks will only offer you a bond if the repayments are less than 30% of your joint income (you and your spouse). If you need to larger loan consider reducing your current monthly debts before you apply.
3. Types of Home Loans
There are many different types of home loan products being offered currently, one of the most recent mortgage products is one which consolidates all your debts into a LOW-INTEREST bond. Click Here – Speak to a home loan consultant to find out the benefits of this kind of mortgage.
If youâ€™d like to speak to a home loan consultant, complete this form online. A consultant will contact your immediately.