The doors are now opening.
Absa home loans this morning announced that 110% home loans will be offered to lower income earners. This is a big bold move that seems to have been started by Std Bank home loans.
According to the Business Day:
MORTGAGES of 110% are now available to low income earners, ABSA said today as it adjusted its lending criteria.
“Absa has become the first bank to provide relief to low income earners by offering 110% bonds with a monthly income up of to R11,000,” the bank said in a statement.
“The turn in the economic cycle is becoming evident and as such we need to review our customer offerings.
IS THIS THE TURN OF EVENTS WE'RE WAITING FOR?
32 comments:
People with bad credit can improve their credit standing by being regular in their credit transactions in the future. Credit repair has a positive impact on one's credit history.
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They've barely begun building it or getting funds together. I think we're a long way off a detailed timetable!
I think its great that banks like ABSA are now offering home loans to low income consumers.
It makes their dream of buying property in south africa a reality.
The problem is that many South Africans have been living on credit cards and so have bad credit.
How are these people supposed to get home loans?
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When everybody in the World is tightening mortgage requirements, lenders in South Africa start offering 110% home loans. Strange, very strange...
Irene,
Please see below:
Full Name of Company: SA Home Loans (Pty) Ltd
Nature of Business: Home loans provider
Date Established: 1999
Share Holders: JPM International Consumer Holding Inc., Standard Bank Group Limited and management.
No. of Employees: More than 750 staff members.
Auditors /Accountants: Deloitte & Touche
Bankers: Standard Bank of South Africa
AdvertisingAgency:The Hardy Boys
MISSION
Our mission is to be the most widely respected consumer champion, and the supplier of choice in our chosen fields: property finance and related value added services.
We exist:
To provide our clients with a superior financial services experience;
To offer our employees the opportunity of growth and prosperity;
KEY PERSONNEL
CEO: Kevin Penwarden
Executive Director- Sales & Marketing: Crispin Swainston Harrison
Director- InformationTechnology, Systems & Credit: Guy Saville
Chief Financial Officer: Rob Kelso
Director- Insurance:Tim Bean
Director- Operations: ColinYoung
Director HR &Training:Rashnee Pawaar
Director NewVentures & Loss Control: David Gorvin
CONTACT DETAILS
Head Office:
PhysicalAddress: No. 1 The Glades, 78 ArmstrongAvenue,
La Lucia, 4051, South Africa.
Postal Address: PO Box 3918, Durban, 4000, South Africa.
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its good to have home loans at a cheaper and an affordable interest..people have to select a right company for them to acquire home loans..i got a home loan recently in such way which made me buy a awesome house by the help and assistance given by home loans
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Its really great.I haven't heard such before.Now, many people can easily buy house.ButI think it will depend on one's credit history.
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I think its a great idea that banks are offering home loans to low income households.
It makes their dream of buying Sectional Title Property in South Africa a reality.
The problem is that many South Africans have been living on credit cards and have been bad payers in the past.
I believe that the NCA will educate the consumer and the institutions to lend more responsibly and ensure that each South African citizen will be able to realise their dream on owning their own property.
Hello,
Great post,
Thanks for sharing.
___________________
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This is pretty good news. I haven't heard such before. Now, many people can easily buy house. I wonder what are one's credit score should be to be eligible.
What a great post, I actually found it very thought provoking, thanks
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Absa 110% home loans?? wow that's a pretty good deal! I wish I cold have the possibility of a deal like that in my town
Nice, well written and informative post.Thanks for sharing!
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