To be considered for a position with SA Home Loans, please fill in the information required on the following pages, provide us with details on your previous employment, and submit your application.
Our highly experienced personnel will assess your application and contact you should further information be required.
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At SA Home Loans we use 3 month JIBAR (Johannesburg Interbank Agreed Rate) as our base rate, while the banks use Prime as their base rate. 3 Month JIBAR is an independently determined 3-month rate quoted on the SA Futures Exchange. It is in essence an approximation of what the banks believe REPO (rate determined by Monetary Policy Committee) will average over the next 3 months. Given that Prime is 3.5% above the REPO rate, JIBAR is on average 3.5% below Prime.
While JIBAR and Prime may have slight timing differences in their movements, they will generally move in the same direction. We then add on a “link rate” (depending on your risk profile) to get to the total interest rate applied.
Our lending rates are reset on a quarterly basis on predetermined dates, as set out in the loan agreement. JIBAR is reviewed on these quarterly reset dates, and the latest market quoted JIBAR rate is used to determine the interest rate for existing clients for the following quarter. The effect on you is that your interest rate will not move at the same time as Prime, but only on predetermined quarterly reset dates, in line with Prime and the expected movements thereon for the next quarter.
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