Standard Bank JumpStart Home Loans

108% 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 have faced in previous years was that they could not afford to pay the costs involved in buy a new home. 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’ 108% 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.

Qualifying Criteria:

• You need to be a first time buyer, or your co-applicant needs to be a first-time buyer
• The Home Loan amount must be between R 200,000 and R 2.2 million
• You need to earn a single or joint income of at least R 9,000/pm
• and you must be 21 years or older.

There are 3 JumpStart Interest Rate Options available:

• variable
• fixed
• 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.