Absa Home Loans recently announced the launch of the Young Professionals proposition where first time home buyers - up to the age of 35 - can apply for up to a 105% bond on any property not exceeding R1 500 000.
According to Absa, this proposition is open to young professionals with any 4-year degree at NQF level 8 or higher.
They have said that their strategy is focused on growth in the first time home buyer market, where they believe the young professional segment presents an opportunity for even further growth.
An overview of the home loan proposition can be seen below and key features include a 105% loan to value ratio.
The Proposition:
- A Loan to Value (LTV) of up to 105% i.e. 100% LTV to cover purchase price capped at R1.5million and up to an additional 5% to cover bond transfer and registration costs
- 30% discount on attorney bond registration costs through a ring-fenced panel of Absa attorneys
- Attorney convenience i.e. the Attorney will visit the customer at a date, time and place convenient for the customer to sign all home loan documents
Additional benefits:
- If the customer is an Absa Rewards member, they get even more benefits:
- 10% cash back on MyTelnet home connectivity products and services
- 10% cash back on Fidelity ADT’s monthly subscriptions
- 1% cash back at Hirsch’s
- Access to Financial Planning consultations through WIMI Virtual Advice Team who will offer a consultation or needs analysis on:
- Savings and Investments
- Insurance and Risk protection
- Retirement Planning
- Wills and Trusts
Qualifying Criteria:
- Less than and equal to 35 years of age
- NQF 8 and Higher i.e. Honours Degree – a copy of the customer's qualification to be submitted at application with other minimum home loan supporting documents
- Maximum Purchase price R1 500 000
- First Time Home Buyer
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