Are you a first-time home buyer and not sure how you can get the money together for the attorney fees?

Remember you will need to pay the transferring attorneys as well as the bond registration attorneys. We have some good news!! Subject to the bank’s approval, a percentage of the purchase price can be added to the home loan to use towards paying the transfer and bond registration fees.

Terms and Conditions:

1. You have to be a first time home owner
2. Your credit score has to allow for at least a 100% bond
3. Your affordability should be in line to afford the repayment on a 100% bond plus the extra money for costs
4. Bank’s Costs Inclusive Matrix:
   • Standard Bank can consider adding up to 108% Loan To Value, for the transfer and bond registration fees, in event of the purchase price and the costs combined not exceeding R2.2 million and at least one of the applicants client should never have owned property before and permitted that the risk rating allows costs to be included. Vacant Land, Self-Employed, Building Loans, Legal Entities and Further Loans on current loans, will not qualify for cost inclusive loans.
   • FNB can consider up to 105% – 110% Loan To Value, for first-time buyers as long as the property purchase price does not exceed R1.8 million. Vacant Land, Self-Employed, Building Loans, Legal Entities and Further Loans on current home loans, will not qualify for cost inclusive loans.
   • ABSA can consider up to 106% Loan To Value, for first-time buyers, provided the property purchase price does not exceed R2.5 Million and the client’s affordability and credit score permits. Vacant Land, Self-Employed, Building Loans, Legal Entities and Further Loans on current loans, will not qualify for cost inclusive loans.
   • NEDBANK can consider 105% or 105% + Loan To Value, for first-time buyers, provided the property purchase price does not exceed R5 Million and the client’s affordability and credit score permits. Vacant Land, Self-Employed, Building Loans, Legal Entities and Further Loans on current loans, will not qualify for cost inclusive loans.

   Most of the banks also offer 50% discount on the Bond Registration Fees, for first-time buyers, although it will be at the bank’s discretion.

   * Terms and Conditions Apply*

5. If you do have the savings to use towards the transfer and bond registration fees, it would still be recommendable that you rather pay it cash since the banks tend to increase the interest rate when they include the costs of the loan.

Need more information? Call us on 087 151 4712 or email in**@pa************.za.