Sanlam Home Loans

Sanlam Money Manager.

What is “Sanlam Home Loans Money Manager” ?

The Sanlam home loans manager account is a facility available to Home Loan clients which allows the client to spread debt over more than one Home Loan account.

Sanlam Home Loan Money manager can ONLY be taken up on a new loan application or a Further advance application;

Each Sanlam Home Loan Money Manager Account can/will be subject to a different rate/rate structure and repayment term - Normal home loan rates/rate structure apply i.e variable / fixed

Each Sanlam Home Loan Money Manager Account has it’s own individual account number

The client can select on which “Money Manager” he requires the Flexi Reserve facility (Pre–paid option ONLY) - A client need not have FlexiReserve facility to be able to utilize this product

Each account must be paid via a separate debit order instruction which may be from a different source;
Each account will have a separate statement;
Up to 10 different accounts may be opened;
Each account can have it’s own designation e.g. Primary account: called: " Home Account", Secondary Account no 1 called: "Pool Account", Secondary account no 2 called "Holiday Account"

How the product works?

Sanlam Home Loans!

Not sure if anyone's seen that advert on T.V.;

SANLAM BANK! BUY YOUR DREAM HOME @ 2.45% LESS PRIME!

*terms and conditions apply*

Just a note on this. This may be of some use to mortgage originators as well. The rate that Sanlam bank offer above is solely based on your property price and loan amount of your property that you are purchasing.

In other words, your bond must be over R2,000,000.00 and not more than 30% of your income must be used to repay the loan back on a monthly basis. The KEY factor to getting a rate concession (interest rate) of up to -2.45% is the loan to value. The bigger your deposit the better your rate concession.

If you're buying a place for lets say, R350,000.00 don't even bother asking for a rate of -2.45% not even if you have 16 properties in your name and have been a client with the bank for 50 years. You may get below prime but nothing close to -2.45%.

Sanlam will only be able to negotiate the rate in line with the value of the property and based on your monthly income.