If you are a non - resident and looking for finance, mortgage or home-loan and buying a property or investing in South Africa, whats sort of financial resources is available to you today! So do you feel like a foreigner?
You will always need to transfer some money from your country to South Africa, either as deposit or for your monthly mortgage payments, however that can be done free of transfer fees and need not be an expensive project.
So what do the lenders offer and this includes, ABSA, Nedbank, FNB and Standard Bank and even SA Homeloans.
So firstly non-resident clients living and working abroad. 50% maximum and then only from ABSA, Standard Bank and FNB.
Non-resident Clients with SA Work Permits
FNB - 50% loan Max
ABSA - 70% loan Max
Nedbank - 80% loan Max if you are a Nedbank client
Standard Bank - 90% if not a client and 100% if you are a client
However, you will need
1. To have a clear credit record and if you do not know what your status is please get a copy of your credit report today. This will save you hours of heartbreak.
Ensure your required documents are up to date - so bank statements are less than a week old, clear to read - otherwise the banks will reject them and if you are self employed have at least 2 to 3 years audited and signed financials available.
Of course , use a bond or mortgage originator always - they know who offers what and remain objective.