Nedbank Home Loans
What are Nedbank Home Loans?
Nedbank is one of the major lenders in the South African financial sector, and this extends to the home loan market. Nedbank Home Loans offers a variety of home loan options with a range of different features, designed to suit home buyers at different phases of their life cycles. The bank realises that not everyone has the same needs and not everyone is in the same financial condition - and that this is often merely dependent on things like age and where the buyer is in his or her career path.
Concordantly, Nedbank Home Loans will allow you to tailor a home loan to cater for your personal needs. There`s a certain amount of flexibility afforded to home loan clients, and a product range that includes debt consolidation under a home loan, building loans, a buy to let option and remortaging on a bond.
Options offered by Nedbank Home Loans
For first time buyers there is Alphabond - a 108% or 104% home loan. This is ideal for the property purchaser who may not have sufficient funds to cover the costs of registration and property transfer. This is also a useful option to take if you intend to buy an additional property. It prevents you from overextending your cash flow when you are already paying bond premiums.
Nedbank Home Loans has another flexible option, called Readvance. This is what used to be known as remortgaging your home. Once you have paid off a portion of your home loan, you can have the money re-advanced to you.
With this the option of Readvance, funds that have already been paid are thus accessible. This can be beneficial if, for example, you require a second home, or want to buy something else large, like a car. There is no need to register an additional home loan or take out a hire purchase agreement. You benefit in the sense that you have access to additional funds with no extra registration costs.
Advanced Nedbank Home Loan options
You have the option to fix your interest rate for a set period, giving you a constant mortgage bond repayment amount. Interest rates may be fixed for periods of 12, 24 or 60 months. The major benefit of this fixed interest rate is that you are protected against market fluctuations. You can also opt for a variable interest rate, where your interest is pinned to market rates - so you are susceptible to interest rate increases, but can also benefit from decreases.
Nedbank also offers HomeVision, which allows you to register a bond that is higher than necessary, in order to create a surplus sum of money that you can use later. It`s effectively a way of having a savings account linked to your home loan. As you pay your monthly premiums, you build up the amount of surplus capital that is available to you.
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