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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Deposit For A Home Loan - How Much Is Enough

With low interest rates and the economic recovery well on it's way, most banks are more than happy to offer home loans of up to 100% of the purchase price for homes up to about R1,5m. Above that, a mortgage deposit of at least 10% is normally required.

However, it is always prudent to put down a deposit when buying a home. A deposit provides security to both you and the bank in the event that prices fall and you're forced to sell. This scenario of over-extended credit was the major cause the housing crisis of 2008.

Paying a deposit on your bond will not only provide you with greater security - it will also save you money too. The interest rate for a mortgage bond will be lower if you provide a deposit, because your home loan becomes less risky to the bank.

Most home buyers are tempted to buy the most expensive home they can secure a bond for. But by doing so, they are gambling that interest rates remain low. A smarter bet would be to buy a less expensive home at a lower interest rate on your bond and enjoy the peace and security knowing your personal finances are on solid ground.
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