We all know that purchasing your first home is an exciting yet daunting prospect. After the months of scouring the newspapers and following well-meaning but somewhat pushy property agents around from properry to property you eventually find the right home for you and your family and then the process of financing your new investment is the next obstacle. But it needn’t be arduous and traumatic. Nedbank home loans are the ideal solution for home buyers no matter what your financial situation and Nedbank offers different home lotions designed to fit your circumstances and your pocket. Two of these solutions are “Ordinary” home loans and the Nedbank “Alphabond” home loan solution.
Like most Nedbank home loan products the Ordinary home loan has a built-in flexibility and can always be engineered to suit your unique needs. This solution is aimed specifically at home buyers who have the cash at hand to pay the registration fees and transfer costs in respect of their new property and simply need the direct financing for the actual bond amount. Like most Nedbank home loans the Ordinary home loan has terms of up to 30 years and a financing ceiling of up to 100%, to make sure that you can completely cover the cost of your new bond through financing. Your home loan will have to be for at least R70 000.00 but there is no maximum, so that R5 000 000.00 little apartment with sweeping views of Clifton beach is within your reach after all! You can even choose your interest rate to make it fixed or variable and the facility include the opportunity to register a second home loan. But the added bonus here is a Nedbank home loan special product called Readvance, which is included in your home loan. Readvance is a highly flexible cash flow optimization tool that allows you to gain access to the difference between your original loan amount and that portion of home loan amount that you have already repaid, giving you a handy rainy-day fund for life’s little emergencies. Adding to the flexibility of this Nedbank home loan, you can make extra payments into your home loan or pay a bit more than the minimum amount each month, or when you can afford it – all helping you reduce the term of Nedbank home loan and increase your own financial security. But it doesn’t end it also include another Nedbank home loan facilty called NedRevolve, an value-adding feature that means you can also access these extra deposits you make or you can use it as a way to accrue interest-free savings. You might think this home loan is beyond your reach with so many great Nedbank benefits, but all you need to do to qualify is to earn at least R2 500.00 a month (alone or with your partner), meet the credit requirements and have a valid SA ID.
If you don’t have the cash at hand to pay your registration and transfer fees up front then you should really take a look at Nedbank’s Alphabond home loan product. You need to prove the same income as for the Ordinary home loan and that you have been working in the same career for more than two years. But, most importantly, you need to be a first-time home buyer in order to be eligible for this Nedbank home loan. A lot of the benefits are the same as the ordinary home loan but the Alphabond also allows you to choose between a 104% and 108% loan. They are both good options: with the 104% choice you only make your first payment in the fourth month of your bond period; and with the 108% option you get guaranteed cash back. Besides Readvance and, in some cases, Nedrevolve, you also get access to Further Bond, a Nedbank home loan feature that lets you register an extra amount of money in addition to your bond amount.
Whether you’re a first-time buyer or have enough cash at hand to apply for an Ordinary home loan, Nedbank home loan solutions are bound to have the ideal solution for you.
Author Resource:
Danny Aaron manages the website http://www.isureins.co.za , a site devoted to providing you with the best information about Nedbank homeloans
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