Buying your Home, it’s an Exciting Financial Step

A home is one of the most important investments you can undertake. Whether you’re a first-time buyer building your dream home, or an investor looking to obtain maximum returns from multiple properties, it’s an exciting financial step.

Whatever your needs, we can assist with qualified, expert advice. Our range of banking products will help you balance your financial obligations and ensure your investment is a positive one.

A home with an Absa foundation is a home built to last.

Whether you are a first-time buyer or veteran property owner, buying a home is an exciting and rewarding yet complex and often time-consuming process. It is one of the biggest financial commitments you are likely to make. There are many factors to consider; from knowing what you want to working out what you can afford.

We all want to buy a home that we will enjoy living in, but that means different things to different people. Each of us has unique needs, priorities and tastes. This is why the Absa Home Loan is customisable and can be tailored to suit your specific requirements.

If you are looking for a fairly low-risk, stable investment that offers good potential over the long-term, property could be the right choice for you. It tends to be less volatile than shares and offers several attractive advantages such as long-term capital growth as the value of the property grows, regular income through renting (buy-to-let), and tax benefits.

It can also prove to be relatively easy to secure financing because you can use the property as security for the loan.

As your investment partner, Absa offers complete packages for financing, protecting and managing your property investment. This includes a flexible Buy-To-Let Home Loan that lets you use all or part of your rental income to cover your monthly repayments.

If you can’t find the home of your dreams or want to specify exactly how your home will look, you might choose to build your own home. A ‘Building Loan’ is simply a structured approach to paying out a home loan that allows you to pay for the building work in stages, as each stage is completed.

As the building work progresses, requests for payment will be submitted by the builder. These payments are known as 'progress payments' and, typically, the first is made after foundation, the second at window height, the next one at roof height and the last upon completion of work.

While repayment only begins when the loan has been paid out in full, it’s important to note that interim interest will be charged for amounts paid via progress payments from the moment the first payment is made. These interest amounts are debited to the home loan account, even though repayments are not due yet.

Whether for practical reasons or fun, there are occasions when improving or renovating your current home is a better decision than buying a new one and Absa provides two easy ways of accessing additional cash to do so.

We are all feeling the effects of living in trying economic times, but, even though we don’t have any control over the interest rates or the cost of living, there’s still a lot we can do to keep our personal debt under control and our lives free from worry. As an Absa customer, there are several ways you can consolidate your personal debt and manage it using your home loan account.

Consolidating your debt could be the right choice for you if you want to lower your monthly repayments, need to know that your repayments will be the same each month and would like to reduce repayments and interest charges.

Whether it’s to fund an alteration that will add to the resale value of your home, to cover the cost of schools fees or to purchase a big ticket item, an Absa Home Loan can prove to be a cost-effective way of financing those longed for items that seem just out of reach.

There are several ways you can access additional cash using your Absa Home Loan, such as converting the appreciated value of your home into cash to taking advantage of your loan’s low interest rates and extending it.

Accessing additional funds could be the right choice if you would like to extend or improve your home, want to use your home loan interest rate to finance other purchases, or would like to convert the appreciated value in your home into cash.