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Nedbank Home Loans - Everything You Need to Know

Nedbank is a thoroughbred in the banking world and dominates in the corporate property loan market. It's always been perceived, sometimes negatively, as a superior brand.

But in 2005 it was (unbelievably) being outshone by its shorter, but more aggressive, rivals, so Nedbank took stock of its position in the home loans market and reassessed its strategy, focusing on launching more affordable housing offerings.

Nedbank may appear a bit snooty at first but you can feel good about going green with Nedbank; the company is a staunch supporter of the environment and supports a host of community projects, as one can when sitting pretty (and I mean that in the nicest possible way).

Let's take a look now at Nedbank's most significant home loan products, Ordinary Home Loan and Alphabond, and those extra add-ons and features that have made Nedbank the Charlize Theron of home loans.

Ordinary Home Loan

Nedbank's Ordinary Home Loan provides up to 100% finance and can be adapted to suit the most discerning and demanding of buyers. With loans of R3-million, your loan will, however, be capped at 85%. But you can afford that.

Features and benefits at a glance:

- You'll need to earn at least R2,500; a walkover.
- Choose a term of up to 30 years.
- Includes a number of add-ons and special features.
- Select your rate - variable or fixed.
- The minimum loan is R70,000; add two zeros to this amount and your bank manager will give you a cup of coffee during your personal consultation; another walkover.
- Feel good about going green with Nedbank; the company is a staunch supporter of the environment and supports a host of community projects.

Alphabond

Alphabond is restricted to first time home owners essentially because often this group of lenders does not have the cash to pay registration fees and transfer costs but in fact has a regular income to pay off a loan. How many times in the current economic climate have you heard the words: 'Just give me a chance"? With Alphabond, Nedbank gives the younger and less affluent an opportunity to own their own personal castle.

Features and benefits at a glance:

- Term can be negotiated up to 30 years.
- Registration fees and transfer costs can't be more than 8% of the loan.
- Nedbank rewards you with extra benefits if you choose less than a 100% loan.
- To qualify, you must be a first time home buyer, meet certain credit checks and have been in stable employment for at least two years.
- You must be South African.

Top Nedbank Home Loan add-ons and features:

Life assurance

Mandatory life assurance ensures your loan is repaid in the unfortunate event of your death or disability.

NedRevolve

Allows you to pay more than your specified installment so that you can save on your interest repayments and have access to these funds if you really need it.

ReAdvance

ReAdvance lets you access the capital portion of the money you've already paid into your loan. A Further Loan lets you borrow even more if your property has simultaneously increased in value; in practical terms, Further Loan is a second bond which takes advantage of your cunning property purchase which is worth oh- so- much more than what you bought it for.

Nedbank has shown there is no need to fear change and that lower-income earners are to be feted and supported as they become tomorrow's home owners while the fat cats are strangled by their short-sighted over-expenditure. Nedbank rewards real winners.

About the Author

The author specializes in
Nedbank home loans
in South Africa. To read more on
Nedbank home loans
visit Securebonds.co.za