Its interesting that ABSA home loans has gone through a very exciting change over the past period of time. Quick turn around, great interest rates and superb bank products.
We have always been staunch "Other" bank clients but have recently done a family based deal with eight applicants and a huge bond. Not only did we get 20 year loan on vacant land, but the interest rate was great as well.
Please share your ABSA bank experiences with me.
ABSA you guys rock!!!!!!!
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For those of you who don't know ABSA...
Check them out http://www.absa.co.za!
hi there can you tell me whether this land was single residential and where it was plse. Thanks Ysameen
Yasmeen the land was single residential and is in Dullstroom on the Highland Gate Golf and Trout Estate and we will only be building within next 2 years Very cool
To Yasmeen and Anonymous
I have land bought in the bush (Hoedspruit) also from ABSA and got a 100% loan so easily and we had 8 people involved and not as a company I think with Trevor Manuals speech yesterday the tax benfit for indoviduals is better than buying in a company. ABSA definitely rock and roll - Hennie
Most banks tend to offer you a loan between 75 and 80% on vacant land up to 8,5 hectares as a norm. Whats very exciting is that you can get 100% loans on vacant land even up to 20 Hectares over 15 to 20 years and at great rates. Remember though, most vacant land deals don't have an "ACCESS FACILITY" attached, though this can be done as well. ABSA have been very storng in this area. However, Standard bank are not that far behind when it comes to these deals as well.
I got a 100% loan from ABSA for a small residential apartment in Parow. I was very surprised. I had a 10% deposit stowed away and wanted to put down the deposit, but they gave me 100% anyway. I work in the US and didn't deal with them directly, it all went via the estate agents' attorneys, so I'll see how it all unfolds in the next month or so. Will let you know.
I'm actually curious, if you don't live in SA - do you have to get your home loans from SA companies? Have you heard about US companies offering loans for properties in SA? The interest rates are so much lower here, it would be fantastic if there was such an option.
Gewaar did you know that when your loan is registered make sure it is a flexi reserve bond (Access bond) and put your 10% into the bond. results are big savings, reduction of bond term and interest and when you need it it is available to withdraw at anytime.
To answer your question on US bank lending, if you took a personal loan from a US bank and paid for something in SA, you would have to declare the money as income (Taxable) in SA - not sure what the tax implication is but I suspect you have to pay SA tax, but you cannot use a mortgage from US bank for a property in SA. Pity. Else we would all do it.
The Mage
I didnt know what ABSA was.. checked it out.. seems good..
Idaho Real Estate
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