Absa’s MyHome gives individuals or couples with joint monthly incomes of between R1 500 and R7 500 access to an affordable 100% mortgage bond that can also include a five-year fixed-rate option.
MyHome is a completely unique concept in that the qualifying criterion is based primarily on proof of regular income. This means that applicants do not have to be formally employed to be granted a home loan.
In addition to offering clients 100% bonds, an additional 10% will be included to cover transfer duty, bank fees and registration costs.
If applicants cannot prove regular income or permanent employment, then Absa will help them establish financial track records with Absa TargetSave Accounts.
Qualifying for an Absa MyHome home loan is simple. Applicants must be over 21 years of age, be in possession of a South African identity document and show proof of regular monthly income of between R1 500 and R7 500 as either a single or joint income.
Recently Absa cut conveyance fees to new MyHome clients by 50%. In addition, the bank has set up an agreement with one of the country’s largest furniture retail groups that will see clients get added discounts on their purchases. The bank has entered into an alliance with furniture retailer JD Group to make furniture and appliances more affordable to first-time home buyers.
Qualifying clients will be issued vouchers allowing them to buy additionally discounted products at Joshua Doore, Morkels, Bradlows, Russels, Price and Pride and Barnetts stores throughout South Africa.