Thursday, 19 January 2012
ABSA comes to the party - great news for home loans!
So a full pack of cards with the new announcement recently by ABSA about your favorite mortgage originator and your application - all bond
applications, effective January 2012, whether submitted by an internal ABSA source or by an originator will be treated the same.
This means that there will be no differentiation in LTV’s, whether a client applies directly to Absa or via an originator.
We welcome this announcement and believe that this is very good news for all Absa bank customers, real estate agents and originators. You will therefore now be able to submit applications, on behalf of your clients, to Absa within the following lending criteria:
Existing Absa Customers: Ordinary Loan Up to 100%
Existing Absa Customers: Further Advance Up to 85%
New Customers to Absa : Ordinary Loan Up to 90%
Vacant Land ( New and Existing Customers) Up to 60% - still low
Existing Absa Customers: Building Loan Up to 80%
New Customers to Absa: Building Loan Up to 65%
Existing Absa Customers: Affordable Housing -
Ordinary Loan Up to 100%
New Customers to Absa: Affordable Housing -
Ordinary Loan Up to 90%
Affordable Housing - Building Loan ( New & Existing
Customers) Up to 80%
Existing Absa Customers: Loans above R2.7m Up to 85%
New Customers to Absa : Loans above R2.7m Up to 70%
Absa’s decision will ensure that no Absa customer will be prejudiced in the way that their application is treated and it also enhances the value proposition that your bond originator brings to you.
Real estate agents and lead providers can now, once again, look forward to using the one-stop service that originators offer and stay abreast of their client’s bond applications.
Well done ABSA, this is in line with Standard Bank and FNB.