You may not need one right now, but it is time to begin saving for a deposit if you intend to buy a new home in the coming years. Comments from the heads of ABSA Home Loans & Nedbank Home Loans suggest that buyers will soon require a large deposit to qualify for a home loan.
Home Loan Lending Policy: ABSA, Nedbank tighten mortgage lending Nedbank and ABSA Home Loans have further tightened their mortgage lending criteria, effective 1 Dec 2008. ABSA - SA’s largest home loan provider - has lowered their maximum home loan to 85% of the property value / purchase price. While, Nedbank homeloans are only offering up to 90% bonds. Although interest rates are expected to drop in the near future, ABSA has stated that they will not ease their loan requirements until property prices begin to increase again. Luthando Vutula, Managing Executive of ABSA Home Loans has also come out saying that the days of 110% home loans are gone. 110% home loans (no deposit homeloans) were usually issued
Previously, new home buyers were able to secure a full mortgage bond of up to 108% (to help cover costs) from all the big banks. As of 23rd Oct 2008, Standard Bank Home Loans division will only be granting Mortgage Loans to a maximum of 95% of the property value.
For New and Existing Home Loans, Further Bonds and all Debt Consolidation finance SA Bond Originator: Property Loans offers you an ALL-in-One Bond Origination Service. Shopping around for the best home loan interest rate can be very time consuming and since you homeloan is probably the biggest financial commitment you'll ever have its important to ensure that you're getting the best bond deal currently available. 4 Things to look for when searching for the best home loan package: 1: Super Low Interest Rate Our mortgage Consultants will send you home loan application to all the major bond providers in South Africa - including: ABSA, FNB, STD Bank, Nedbank and SA Home Loans 2: Discounted Bond Costs We are able
SA Mortgage / Bond Origination Explained: Shopping round for the best Bond deal can be very time consuming and frustrating. And since your mortgage is one of the biggest financial commitments you want to be use youâ€™re getting the lowest rate. Bond Originators have completely changed the way South Africans are applying for their mortgage finance. By applying through a mortgage originator youâ€™re more likely to secure a better interest rate on your bond and youâ€™ll definitely get your bond approval quicker. A Bond Originator offers you: A single point of contact when applying to all the major banks. Assurance that youâ€™ll get the best deal on your mortgage. Discounts on your Bond Registration Costs, which could be a
Whether interest rates are going up or down the importance of taking an active interest in managing your home loan can not be overstated, and youâ€™re about is find out why â€“ now! For one of many reasons you decide that you need to lower your expenses and find some way of saving yourself some money every month. In the past youâ€™ve heard many financial advisors promoting Debt Consolidation and decide to do some research into the topic. Itâ€™s not long till you begin to realize that managing your debts becomes easier when you consolidate all your debts into one, because you only need to pay off one account every month. The major attraction of consolidating your debts into
The top Mortgage Providers in South Africa are the Four big Banks - FNB, Standard, Nedbank and ABSA - and each of them are competing fiercely to secure a big piece of the lucrative SA home loans pie. The competition between these banks and other mortgage providers in South Africa has resulted in many new innovative home loan products being developed, each offering different benefits which include: Lower interest rates, Consolidation Benefits, Five Year fix interest rates, Or an access bond facility which allows you to withdrew funds from your bond. As an Existing Home Owner you may have been paying you bond off in small amounts every month for many years, and missing out on the benefits offered