About Buying a First Home

Do you need life insurance as a first-time home owner?

If you have a home loan, then life insurance is wise. Having sufficient life insurance to cover the bond balance in the event of death or disability is for the benefit of both you and your family and/or dependents. If you don’t have life insurance and the heirs of your estate cannot maintain the remaining bond instalments after your death, there is a  risk of losing the property altogether.

What do I need to know before buying my first home?

We have detailed information on all the information you need to think about before you buy your first home. Please click here for details.

What are the lending criteria for non-residents?

Specific Requirements for Non-resident:

  • The loan amount may not exceed 50% of the purchase price of the property. (The Reserve Bank rule is that for every rand you bring into the country, they will lend you a rand!)
  • The buyer must obtain consent from the Reserve Bank prior to the transaction being finalised. The application to the Reserve Bank can only be handled by an appointed dealer which includes the commercial banks.
  • Proof must be provided that the funds for the deposit emanate from the country of origin, which can be done by the attorneys involved in the property transfer.
  • A statement of foreign assets & liabilities must be made available.
Contact one of our specialist consultants if you need more information on 0860 2 4 6 8 10. If you're dialling from outside of South Africa, please dial +27 31 576 5858.