Standard Bank Home Loans do offer 100% home loans, and it’s not just to first time buyers.
What that means is that it opens the way for prospective home owners to get 100% financing. Additionally it means that you don’t need a deposit, and in many cases even the attorney’s fees can be included in the Standard Bank home loans application.
What other options are there for choosing Standard Bank?
Firstly they offer 30 years home loans. You may think it sounds obvious, but many banks and other institutions don’t offer 30 year plans. Having the option of taking a 30 year bond will not only help you to qualify for a little more, but will also reduce your home loan repayment slightly. Keep in mind that paying off your home loan over a longer period will also mean more interest.
Secondly Standard bank also offer fixed interest rates. Most banks offer this facility and it’s definitely an option you want available if you want to have the same installment over a certain period or in a rising interest rate economy.
Third, Standard bank offers an access bond. An access bond is when you have access to additional money you’ve paid into your bond is available. This is a really handy way to save on interest.
Remember, home loan interest is calculated on a daily basis, so, if you’ve put in an additional R1000 into your bond and leave it there for a month you have paid interest on outstanding balance which is R1000 less than it would normally have been, so you will save a lot in interest.
What’s nice is that you can withdraw that money at any time and if you’re an account holder there you can simply to an internet transfer from your bond account to your normal cheque or savings account.
So, you may want to compare what Standard bank home loans have to offer with what other banks can offer in terms of home loans and make your decision on that.
