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Home Loan Information

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Nedbank Home Loans

A Nedbank Home Loan allows you to:

Finance freehold and sectional title homes, holiday homes, home improvements and homes for investment purposes.

Negotiate a repayment term of up to 30 years.

Choose a fixed or variable interest rate.

Qualify for 108% home loan if you are a first time buyer.

Request a home loan of up 108% of the property value.

Access a variety of options to suit your personal financing requirements.

Manage your Home Loan

A Nedbank Home loan is more than just finance to purchase the house of your dreams. It is designed to meet your ever-changing lifestyle and your financial requirements. At Nedbank they are ready to help you with advice and all the support you need to manage your home loan effectively.

Make repayments

Your monthly home loan repayments normally consist of:

A basic installment, which includes capital and interest.
A Home owners Insurance premium.
A Life Insurance premium, if applicably
Monthly administration costs.

The most convenient way to repay your home loan is by monthly debit order. The date that your installment is due each month is stipulated in your loan agreement. Interest is calculated every day on the outstanding balance and capitalised on the first day of each month.

Accelerate your repayments

Nedbank's Accelerated Payments service allows you to repay your loan sooner than the period stipulated in your agreement, should you choose, and offers you the following options:

Increasing your monthly repayments by a fixed amount.
Increasing your monthly repayments by an annual percentage.
Selecting the period in which you want to pay off your loan.

Choose your Interest rate option.

They offer a variable and fixed interest rate.

A variable interest rate is linked to the Nedbank prime lending rate, which means that, when the Nedbank prime rate changes, so does your home loan rate. This in turn will affect your monthly cash flow.

However, if you prefer peace of mind and protection against interest rate movements, then you can choose to fix your home loan interest rate for a predetermined period, normally 12 months, which means your interest rate stays constant for that period, regardless of market conditions. On expiry of the fixed-rate period your home loan interest rate will automatically revert to the prevailing Nedbank variable home loan interest rate. You may elect to take a fixed rate for a further period, if this option is available. The fixed rate at the time will apply.

Secure your Investment.

Homeowner's insurance is a condition of every Nedbank home loan, and may be arranged via Nedbank Group Insurance Brokers at very competitive rates. your policy covers the property, including improvements and the outbuildings, for example - garage, swimming pool, walls and driveway, for the full replacement value.

Life Cover is also required for every Nedbank Home Loan where the property is valued at less than R150,000.00, and offers protection for you and your family, ensuring that your home loan is settled in the event of your death. You may choose to cede an existing policy or take out a new policy, Nedbank can arrange this through their own personal financial planning service.

Keep Track

You may choose how often you wish to receive your statement: monthly, quarterly or annually. Alternatively, you can request a statement from your nearest branch, the Nedbank Client Care Centre or through various electronic banking channels.

Select your Home Loan option.

Nedbank offers a wide range of innovative home loans to suit your particular needs and lifestyle. You can select one of the following:

AlphaBond - if you're new to the property market, AlphaBond can make owning your first home as simple as it should be.

Nedbank ordinary home loan - a flexible home loan that can be tailored to your individual requirements.

Manage your home loan effectively

All home loan options offer the following additional features to help you manage your home loan more effectively.

NedRevolve - is automatically included with all Nedbank Home Loans and provides you with the ability to deposit funds into your account in excess of your normal monthly installments. These surplus funds reduce your outstanding balance, thereby saving you interest.

Further Loans - as your family grows or your lifestyle changes, you may need to extend or improve your current home. A readvance gives you access to the capital amount you have already paid off on your home loan, up to the original loan amount, and does not require the registration of a new mortgage bond. A further loan with registration provides you with an opportunity to apply for an amount in addition to your original amount. The amount will be based on the increased value of your property or the promise of it increasing. the further loan is secured by a second bond, registered over the property and lodged with the deeds office.

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