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For most first-time home buyers, purchasing a new property is a major financial undertaking that causes a lot of stress and worry. It is not only the price of the house that places a financial burden on buyers, but also the expense of moving and the cost of various other processes that are part and parcel of the home buying process. Furthermore, once one has secured a home loan, the monthly instalments are bound to fluctuate with each interest rate adjustment.
Thus, when one takes all this into consideration, it makes sense to select a home loan provider that will help and guide you step-by-step, and will tailor a home loan around your needs – now and in the future. SA Home Loans is able to do this because we offer unique flexibility through a whole range of home loan options. As a first-time buyer your needs may be very different in a few years time. Your family is likely to increase and so are your earnings. The home loan you take out now may well need to change – and it can! Furthermore, SA Home Loans does not penalise you for being a first time home buyer!
Read on to learn about the advantages of our first-time bonds, and find out how we can help you, as a new home buyer, to save thousands of rands on your home mortgages.
Traditionally, first-time loan applicants have paid higher interest rates as they have been considered “high risk” clients. However, at SA Home Loans, anyone can qualify for our best interest rate, regardless of whether they are first-time home loan applicants or not.
What’s more, we have a loyalty product where clients who maintain their loan for at least two years qualify for an awesome loyalty discount. This amounts to 0.6 percentage points off their interest rates, backdated to the beginning of the bond.
As a first-time home buyer, you may find your budget stretched like never before. Although SA Home Loans ensures that your monthly instalments do not exceed 30 per cent of your gross monthly income at the time of application, interest rate hikes of as little as one percent, for example, could see you paying hundreds of rands more per month on your home loan instalment.
The good news for first-time homeowners is that SA Home Loans clients need not worry about the financial impact of rate hikes again. Not only can you fix your loan rate (either on the full loan amount or part of it) to safeguard yourself against interest rate increases, we’ve also introduced an innovative new solution for instalment woes: an interest only option! Aimed at borrowers who earn an irregular income (freelancers or seasonal contract workers), experience a financial “rough patch”, or are caught unawares by interest rate increases, this feature allows home loan clients to pay only the interest on their home loans for a certain period.
This is particularly advantageous for first-time buyers who have borrowed the maximum amount they qualify for. Of course, it is always in the best interest of loan holders to pay of their bonds as soon as possible, but in certain situations it can be difficult to juggle additional expenses caused by inflation, as well as large increases in home loan repayments. This option caters also for entrepreneurs, commission-based earners and first-time home-buyers.
To find out how big a loan you qualify for with SA Home Loans, simply make use of our home loan calculator. It’s simple and quick, and will give you a good idea of how much you can borrow towards buying your new home. For further questions, visit our Buying a Home FAQ page for all the answers you need. Alternatively, contact us today on 0860 2 4 6 8 10 and speak to one of our consultants about your bond requirements.