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SA Home Loans started offering South Africans home loans in 1999. In these ten years they have managed to become the largest non-bank mortgage provider. Since SA Home Loans started they have originated over 100 000 residential mortgages.
What makes SA Home Loans different?
Well, as mentioned, SA Home Loans is not bank. They focus on home loans. This is what they do. This is their specialty.
Whilst the ordinary banks use the country's prime rate as a guide line for their mortgage rates, SA Home Loans use the JIBAR for their interest rates. This can mean an initially lower rate, in comparison with the banks. However, it fluctuates differentially than the prime rate, as the JIBAR is an average interest rate, simply put.
However, it must be mentioned, that quite a few SA Home Loans clients who initially enjoyed a 2% below prime rate, were shocked when the rate increased three months later. If this was because of lack of communication or not is up for discussion.
Currently, SA Home Loans will consider a bond of up to 95% of the value of the property or purchase price. This means you will need a 55% deposit if you are buying a new property.
To end of, SA Home Loans will, more or less, take the same information as the ordinary banks into account when considering an application. However, it is a good option to the conventional banks.
If this is the best option for you or not is still to be explored. Contact your mortgage originator for more information about SA Home Loans and other mortgage providers.
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