Buying your first home is one of the most momentous milestones in your life. Owning a property provides a sense of security and belonging and also aids in building wealth. The journey to homeownership can be exciting and overwhelming all at the same time, which is why Absa has a variety of tools and tips that can help you through your experience.
Whether you’re just starting to save or you already have a house in mind, we can help you.
Pre-qualify with the Home Loan Estimator - Whether you are an Absa customer or not, we have a free tool that enables you to understand how much you can afford before you apply for financing. We will even give you a pre-qualification certificate in under 15 minutes, which will give you confidence when you look for a home. Visit www.absa.co.za/HLE
The Absa My Homeowner Journey e-learning platform will help you understand the ins-and-outs of homeownership and answer all the pressing questions before making that big decision.
- Read more about buying a home by visiting Absa’s knowledge hub filled with articles with answers to customers’ frequently asked questions. Visit www.absa.co.za/homeloans
Start Planning for your goal:
Prepare your finances.
Draw up a budget and check your credit score with the credit bureaus. You are entitled to one free credit report a year.
Do a pre-qualification for a home loan to know how much you could qualify for so that you can look for a home with confidence.
Prepare for the costs associated with purchasing a home, such as:
● Bond registration and transfer fees
● Bond initiation fees
● Insurance (both building insurance and household contents insurance)
● Moving costs
● Rates and taxes, as well as water and electricity
● Levies (in the case of a sectional title).
- Search for the property on Private Property’s portal to find that dream home
We understand the needs and pain points associated with being a first-time homebuyer and as such, we’re offering MyHome proposition for customers who earn a single or joint gross monthly household income of up to and including R25 400. This includes:
● A bond of up to 100%.
● 50% discount on attorney bond registration costs
● Zero initiation fee and you save R6037.50 (including VAT).
● Free professional Borrower Education, which will help you with budgeting & learning the ins-and-outs of homeownership.
● Great benefits from the Absa rewards programme if you open an Absa transactional account.
● Have access to our Financial Planning consultations who will offer a financial need analysis.
Our exciting Young Professionals proposition addresses the needs of professionals by offering:
● A loan of up to 105% to help with additional costs associated with buying a home (purchase price not exceeding R1.5mil).
● 30% discounts on bond registration costs.
● Great benefits from the Absa rewards programme if you open an Absa transactional account.
● Access to our Financial Planning consultants for insurance, wills and growing your wealth.
Life insurance
Life Insurance will pay out a cash sum that can be used to repay the outstanding amount on your home loan, in the event of your death, permanent disability, or terminal illness. Depending on the benefits you choose, the policy can also repay your monthly home loan installment for a limited period in case you become temporarily disabled. It is vital to always ensure that the cover amount on your life insurance sufficiently covers the debt on your home loan, where the debt on your home loan may have increased as a result of financing a home renovation. Absa offers a range of life insurance solutions tailored to its customer’s diverse financial needs. Speak to an Absa home loan consultant or call 0860 227 253 for more information.
Homeowner’s (or building) insurance
Homeowner’s (or building) insurance is insurance that covers the structure of your residential property and its permanent fixtures and fittings for specific insured events. Property insurance is often required as a condition of the home loan agreement except for sectional titles where it is customarily charged as part of your body corporate levies. Absa offers Homeowner’s Cover (HOC) that can be linked to your home loan agreement for ease and convenience and to make sure that you are always insured.
Home contents insurance
Home contents insurance is insurance that protects all the belongings in your house. A good home contents insurance policy should cover you against theft, damage or losses of household and personal belongings under specified insured events.
Ready to take the journey with Absa by applying for a home loan? Simply apply online today by visiting www.absa.co.za/homeloans.
