100% 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 set of requirements, 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 100+% home loans were introduced.
Standard Banks’ 100+% 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.
- You need to be a first time buyer
- The Home Loan amount must be between R 100,000 and R 2 million
- You need to earn a single or joint income of at least R 6,000/pm
- and you must be 21 years or older.
There are 3 JumpStart Interest Rate Options available:
- 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.
Need More Help?
For more assistance with regards to applying for Home Loan finance contact one of our consultants.
Complete An Application Form Online
or Email: firstname.lastname@example.org and Ph: 073 393 1216