In 2024, SA Home Loans continues to stand out as one of South Africa’s top mortgage providers, offering a variety of home loan products tailored to meet the needs of a diverse range of homeowners. With flexible repayment terms, competitive interest rates, and special packages for different customer segments, SA Home Loans is committed to making homeownership accessible for all South Africans.
About SA Home Loans
SA Home Loans has grown from a small startup in 1999 to become South Africa’s leading non-bank mortgage provider. With a singular focus on mortgage lending, the company has established itself as an expert in the field, serving over 190,000 clients and issuing mortgages worth billions. This growth is a testament to the effectiveness of their business model and their dedication to understanding the unique needs of South African homeowners.
Product Offerings in 2024
SA Home Loans offers a wide range of products to cater to different financial needs, including:
- Home Loans
- Special Home Loans
- Insurance
- Personal Lending
- Further Lending
1. Home Loans
20-Year Loan
The 20-Year Loan is a standard bond offering with a variable interest rate tailored to the borrower’s risk profile. This product is ideal for those purchasing a new home, switching an existing home loan, or refinancing a property. The flexible repayment term of up to 20 years allows borrowers to manage their finances more effectively.
Key Benefits:
- Variable interest rate based on your risk profile.
- Flexible repayment term up to 20 years.
- Availability of Further Lending options to access surplus funds on property value.
30-Year Loan
For first-time homebuyers looking for lower monthly installments, the 30-Year Loan offers an extended repayment period of 30 years. This option provides a variable interest rate and lower monthly payments, making it easier for new homeowners to manage their finances.
Key Benefits:
- Variable interest rate tailored to your risk profile.
- Lower monthly installments due to the extended repayment term.
- In-house insurance options available to protect your investment.
- No transfer duties when buying off-plan from a developer.
Edge Home Loan
The Edge Home Loan is a unique product that allows borrowers to pay only the interest for the first three years, followed by a standard 20-year home loan repayment period. This option is perfect for those expecting their income to grow in the future, as it offers lower payments initially.
Key Benefits:
- Lowest possible installment for the first 36 months, with interest-only payments.
- No capital repayments required during the first three years.
- Home fully paid off after the 23-year term.
2. Special Home Loans
Affordable Housing Package
The Affordable Housing Package is designed to make homeownership more accessible to low- and middle-income earners. This package is available to households with a combined income of R8,000 or more per month and offers financing of up to 100% of the purchase price.
Key Benefits:
- Variable interest rate tailored to your risk profile.
- Flexible payment term up to 20 years.
- No deposit required for financing up to 100% of the purchase price.
- Step-by-step guidance from an SA Home Loans consultant.
- Bond attorney costs discounted by up to 50%.
GEHS Mortgage Loan
The Government Employees Housing Scheme (GEHS) Mortgage Loan is available for government employees, offering a flexible term of up to 30 years with discounted interest rates for those paying by salary stop order. This product also allows for 100% financing of the purchase price, making it an attractive option for government employees.
Key Benefits:
- Flexible repayment term of up to 30 years.
- Discounted interest rates for government employees.
- Option for an Edge Home Loan with three years of interest-only repayments.
- Bond attorney costs discounted by up to 50%.
100% Home Loan
The 100% Home Loan is ideal for those who want to finance the full purchase price of their home without a deposit. This option offers flexible payment terms of up to 20 or 30 years, depending on the borrower’s preference.
Key Benefits:
- Variable interest rate tailored to your risk profile.
- No deposit required, financing the full purchase price.
- Access to Further Lending Products linked to the value of your property.
- In-house insurance cover to protect your investment.
- Bond attorney costs discounted by 50%.
3. Insurance Products
SA Home Loans also offers comprehensive homeowners insurance, which covers loss or damage to your property. The insurance is managed off your loan account, meaning you won’t need to juggle multiple accounts.
Key Benefits:
- Comprehensive coverage against loss or damage.
- Managed directly from your loan account for convenience.
4. Personal Lending Products
For those needing extra funds, SA Home Loans provides personal loans of up to R100,000. Additionally, the Transfer Assist Loan helps with the costs of transferring your new home into your name, with loans available up to R100,000.
Key Benefits:
- Personal loans of up to R100,000.
- Transfer Assist Loan to cover transfer costs.
Advantages and Disadvantages of SA Home Loans
Advantages:
- Variety of home loans tailored to different needs.
- Repayment terms of up to 30 years.
- Discounted interest rates for government employees.
- Building loans available.
- Loans of up to 100% financing.
- Up to 50% discount on attorney fees.
Disadvantages:
- No rewards program currently available.
Conclusion
SA Home Loans has firmly established itself as a leading mortgage provider in South Africa by offering a wide range of products that cater to various financial needs. Whether you are a first-time homebuyer, a government employee, or someone looking for flexible repayment options, SA Home Loans has a product that suits your requirements. With competitive interest rates, flexible terms, and special packages for low- and middle-income earners, SA Home Loans continues to make homeownership more accessible in 2024.
By aligning its offerings with the latest market trends and customer needs, SA Home Loans remains a trusted partner for South Africans on their journey to homeownership.
