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If you are thinking of purchasing your very first home, chances are you’re experiencing mixed emotions – stress, excitement, panic, to name but a few. You’ve worked very hard to get to this point in your life, and sometimes it feels like you’ve got it all under control. Other times, however, it all seems so overwhelming and you don’t know where to begin!
The fact that most South African banks give first time home buyers a tougher time by charging higher interest rates, doesn’t make matters any easier. You may ask, “Why do they charge the most money from the people who can least afford it?” The reason for this ironic trend is simple: first-time home buyers pose a greater lending risk. Usually, first-time home buyers do not have lengthy credit records to prove their responsible and prompt debt repayment behaviour. Banks often compensate for this risk by charging higher interest rates on home loans for first time buyers than they do for older home-owners who are more established.
While this may be perfectly logical, it just doesn’t seem fair.
Don’t despair – SA Home Loans can build a home loan around your needs now – and in the foreseeable future - without you having to pay an arm and a leg.
SA Home Loans is undoubtedly a good choice for young workers wanting to enter the property market. Consider the following two reasons:
We have a distinctly non-bank approach to doing business. We’re flexible, approachable and service orientated. SA Home Loans is different. We link you directly to the money markets via a non-bank concept called securitisation and pass the savings on to you. Your security is exactly the same as with a bank as your home is registered in your name at the Deeds Office.
Every SA Home Loans client – whether you are applying for a first-time home loan or a loan to purchase your third property – can benefit from our system of financing. What’s especially good news for first-time home buyers is that why don’t price differently for first time buyers.
Naturally all applicants for a home loan need to provide some form of a credit record. After all, we need some proof that you are the type of person who pays your bills – regularly and on time.
To this end, we need to see records of any form of credit you may have. If you are considering buying your first home, we would advise you to become responsibly credit active sooner rather than later.
If you are thinking about buying your very first home, chances are that it will be your biggest financial transaction to date. Don’t rush things! Take your time to think matters through. This is the only way you’ll ever know for sure that you are in fact ready to take such a huge step, and that you’ll be able to handle the responsibility.
Having to pay home loan instalments – and the accompanying interest payments – is just one aspect of the expense of buying a home. This is especially true for first time home buyers. Think about it: in terms of furniture alone you’ll need to buy everything from a fridge and a stove to a dining room table and lounge suite. Not to mention that you will most likely want to do some renovating before moving in. It goes without saying that this all will cost a considerable amount of money. We thus strongly suggest that you start saving as soon as possible. It is, after all, much better to have savings at your disposal than to have to rely on taking out further loans with additional interest charges, which will inevitably work out to cost much more.
To ease you into the mortgage lending experience, why not consider our Edge home loan. This innovative SA Home Loans’ product allows you to pay only the interest on your bond for the first 36 months, giving you the lowest instalment possible. It also affords you a period to adjust to your new financial responsibilities. This is ideal for buyers expecting an increase in income, or simply anyone who needs extra time and money to finish renovations or furnish their home.
Contact us for more details on how you can take the unnecessary expense and stress out of buying your first home!
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