UPDATE: ABSA HOME LOANS have extended their 110% Home Loans offer. Click Here: What are the Basic Requirements? image by warrenski Following closely after Standard Banks’ announcement to relax its lending criteria and offer bigger mortgages, ABSA bank released a statement saying that the country’s largest home loan provider is now offering 110% Bonds. These 110% ABSA home loans are only available to lower income earners with a monthly income of less than R11k. Alternatively 100% bond available to anyone looking to purchase an ABSA Repossessed Property. According to the bank, the motivation behind this decision has been the 5% drop in interest rates experienced since December 08, as well as the recent improvement in the property market. ABSA
Home Loan News: Standard Bank, Fees While interest rate cuts have helped to free up some extra cash for many Mortgage Bond holders, Standard Bank have used this opportunity to get their hands on some it. The bank recently announced that the administration fees of many of its home loan clients will be hiked, starting 1 June 2009. It’s well known that Standard Bank have been struggling following the economic downturn, and this recent admin fee increase may help to recover much of its loses. Speaking on Moneyweb's SAfm Market Update, head of Standard Bank Home Loans, Rob Katz said the price you pay will depend on when you took at your home loan. "It's dependent on when you
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.