A First-Time Home Buyer's Guide to No-Deposit Home Loans

When purchasing your first home in South Africa, understanding the various financial options available is crucial. The "Big Four" banks – Standard Bank, Nedbank, Absa, and First National Bank (FNB) – often offer special packages tailored to first-time home buyers.

To ensure you get the best possible deal, consider contacting one of the CCH member agents. They can connect you with specialist home loan consultants or bond originators who have been working with us for over 18 years.

These experts will negotiate on your behalf with the banks, at no cost to you. Best of all, you'll still receive all the advantages offered to first-time buyers by the banks!

The packages can provide significant benefits, including:

1. 100% Home Loans and Beyond

One of the most attractive features of these packages is the potential for 100% home loans, meaning you don't need a deposit. All 4 of the “Big Four” banks offer loans that exceed 100%, covering additional costs like transfer fees or bond registration.

2. Assistance with Legal Costs

To alleviate the financial burden of buying a home, many banks offer assistance with legal fees. This could involve direct discounts on legal costs.

3. Other Benefits

Beyond home loans and legal assistance, these packages might include:

• Home insurance discounts
• Lifestyle benefits like rewards points or travel vouchers

Important Considerations:

• Eligibility Criteria: Each bank has specific criteria for qualifying for these packages. Factors like income, credit score, and property value will be considered.
• Terms and Conditions: Carefully review the terms and conditions of any special offer to understand the associated obligations and potential limitations.
• Comparison Shopping: It's advisable to compare offers from different banks to find the package that best suits your needs and financial situation.

By taking advantage of the special packages offered by the Big Four banks, first-time home buyers can significantly enhance their chances of owning a property.