We can help you to Switch
Switch in a couple of steps
Switch your Home Loans
We help anyone to Switch their Home Loan from one bank to another
What is Switch?
When you already own property and have a home loan, you may wish to switch your home loan to another provider to put yourself in a better position financially. There are many reasons to switch your bond – lower monthly instalment, better interest rate, access to the equity in your mortgage or simply, better service and support from your home loan provider.
How is Switch Calculated?
A home loan switch is done when you own a home that is bonded at a bank and you wish to move that loan to another bank to access cash or to get a better deal. We consider your household income and expenses, the market value of the property, and how much you already owe on the existing home loan, in order to calculate the maximum Cash Out you could qualify for.
Benefits
Gives you access to any additional value in your property.
Helps you to maintain a healthy credit profile.
Results in an increased surplus in your monthly budget.
Ensures your property investment works harder for you.
Gives you the option to free up cash to use for projects such as home improvements.
FAQs
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Q. What is switching?
When you already own property and have a home loan, you may wish to switch your home loan to another provider to put yourself in a better position financially. There are many reasons to switch your bond – lower monthly instalment, better interest rate, access to the equity in your mortgage or simply, better service and support from your home loan provider.
Q. What do I need to do to switch/apply?
We offer a simple step-by-step process.
10 easy steps to make the process of getting your home loan as simple as possible:
1. Arm yourself with info
With our handy Affordability Calculator, you can calculate the size of the home loan you could qualify for, and how much you can afford.
2. Choose an application option
Apply online with your details and we will contact you once we get started with your application. You can also call our friendly customer consultants on +27 61 492 3004 to discuss your home loan needs.
3. Send us your documentation
Sending all the documentation required is essential to processing your application. Getting this together ahead of time will help speed up the approval process.
4. Credit approval
Our credit team will now complete the credit assessment, using the supplied documentation as well as information obtained from the credit bureau status. If this is all in order, you will receive notification of approval of your bond application. This approval is subject to the completion of the valuation. If there is a problem, you will be contacted by a consultant to discuss a possible solution.
5. Property valuation
An expert appraiser will arrange an appointment to value the property.
6. Evaluate and sign a Letter of Acceptance (LOA)
Subject to the credit approval, we will prepare a home loan proposal, called an LOA. This document details the costs, interest rate, monthly instalments, and other important information for you to evaluate and sign.
7. Conveyancing
Our national panel of attorneys will prepare all the necessary bond registration documents and will make an appointment with you to sign them.
8. Lodgment
Lodging your bond registration is the next step and happens immediately after you sign your documentation with the attorney.
9. Wait for registration
Registration of your bond at the Deed’s Office will take approximately 12 weeks.
10. Personalised service
Once your home loan is registered, we will continue to provide personalised service and attention to ensure that you get the most from your home loan as a part of the family.
Q. What documentation do I need?
Use this list to make sure you have all the correct documentation to apply for your home loan.
Q What are the lending criteria for Non-Residents?
- The loan amount may not exceed 50% of the purchase price of the property. (The Reserve Bank rule is that for every rand you bring into the country, they will lend you a rand!)
- The buyer must obtain consent from the Reserve Bank prior to the transaction being finalised. The application to the Reserve Bank can only be handled by an appointed dealer which includes the commercial banks.
- Proof must be provided that the funds for the deposit emanate from the country of origin, which can be done by the attorneys involved in the property transfer.
- A statement of foreign assets & liabilities must be made available.
*Terms and conditions apply to all products. The availability of lending products is subject to our credit policy as amended from time to time.
