As a first time buyer of a property you qualify (provided you meet certain criteria) for something that's called a first time buyers loan. I'm kind of hoping that posting this sort of information online is not going to get me into crap as I'm not sure Nedbank give this out as public knowledge but I think it's essential knowledge so I couldn't give a crap.
Now Nedbank have something called the "ALPHA BOND". It's basically what we know as a first time loan and here are the requirements that Nedbank have specified in order for an individual to qualify:
1. Min R100 000 loan. There is a maximum limit of R2 000 000.
2. Trusts, CC's and companies can receive up to a 108% loan. The 8% portion covers your registration costs etc...
3. You must have had stable employment for a minimum of 2 years
4. You must have a clear credit record. No bad debt
5. You must be a South African citizen
6. Single or joint income per month must be a minimum of R5000
7. Commission earners require 12 months with the same employee and 6 months commission statements
8. You can get either a variable rate or 1, 2 and 5 year fixed rate contracts
Hope this helps a little. Stay tuned for this weeks Buy-2-Let and Building Loan reviews from Nedbank Home Loans...
WizardMan Out!
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