Article list
  1. Deposit For A Home Loan - How Much Is Enough
  2. Property for Sale
  3. Your Rights As a Buyer
  4. Plan Ahead for Success
  5. What is a Mortgage Loan?
  6. How Much Will I be Able to Borrow?
  7. Mortgage Bonds and Conveyancing
  8. The Conveyancing Process
  9. Types of Loans
  10. Types of Home Ownership in South Africa
  11. The Costs of Buying a Home
  12. Interest Rates
  13. Applying for a Home Loan
  14. Putting in an Offer to Purchase
  15. Taking Ownership of Your New Home
  16. Property Ownership Options
  17. Important Payment Information
  18. Documentation Required For a New Home Loan
  19. Service Excellence is a Top Priority
  20. Bond Registration Process
  21. Capital Gains Tax (CGT)
  22. Points to Look at When Purchasing
  23. Transfer Duty
  24. Basic South African Property Laws
  25. 6 Easy steps to home buying
  26. Tips For Property Buyers
  27. Buying Property in South Africa as a Non-Resident
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Types of Loans

South Africa's Leading banks offer their clients a variety of home loans to choose from. A bond consultant will assist you in selecting a loan which best suits your requirements, and also help you through the loan application process. Below is a list of loans available:

First time homeowners loan

First time homeowners home loans are specialist loans, which are rapidly becoming popular as they allow cash restricted first time buyers to lend more than the total property sale value. This means that registration and transfer costs can be included within the purchase price of the residential property. No deposit is required, providing first time buyers with an excellent opportunity to enter into the property market.

Variable Rate Loan

With a variable rate loan the interest rate is linked to the base home loan rate which may either rise or fall, depending on current market conditions. Should for example the base rate decrease by one percent so will your interest rate, and therefore if the base rate increases so does the home loan rate.

Fixed Rate Loan

With a fixed rate loan, the interest rate stays fixed for a specified period, usually between one and two years. Compared to other loans, the fixed interest rate will be slightly higher than the base home loan rate when the loan is taken out. A fixed rate loan protects the buyer from increasing interest rates, and provides a security in knowing exactly what their payments will be. Unfortunately fixed rate loans do not allow clients to benefit from any decreases in the interest rate over the fixed period.

Capped Rate Loan

Capped rate home loans allow clients to take advantage of both increases and decreases in the current interest rates, however they feature a maximum rate which prevents the home loan applicant from paying more than the capped rate. These home loans are not always available from banks and generally speaking, the qualifying criteria are often more stringent.

Reducing or step down loan

Also an extremely popular option amongst homeowners, the step down or reducing interest rate home loan guarantees a decrease in percentage in steps, for example 0.25% every six months for an agreed period of time, usually less than 5 years. This reduction of rates will save the homeowner a fair amount, and applies regardless of increases and decreases in the interest rate.

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