Mortgages and Property

South Africa

South African Mortgages for purchasing a property in South Africa - rates from approx 9.00% in Rand

Includes South African Residential Property

If you are considering purchasing a property in South Africa, South African Mortgages are available for the majority of Nationalities for either House Purchase or re-financing for Home Improvement purposes only. Other purposes considered on a case-by-case basis.

Types of South African Mortgage: Repayment Mortgages only for loans over 10 years, but part Repayment & Interest only possible for loans under 10 years

Minimum: Rand 500,000 "onshore" or Rand 2,000,000 "offshore", No Maximum for either option., but must not exceed 90% of valuation or purchase price (whichever is the lower), however if you are a non-South African National the maximum is currently either 50% of valuation for "onshore" loans or possibly 80% for "offshore" loans.

Proof of Income: required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status loans are currently not available.

Term: Up to 20 years - up to a maximum age of 70 (dependant on Income after retirement age)

Currency: South African Rand only

Current Interest Rate: from approx 9.00%

Example South African Mortgage: Repayment mortgage of approx Rand 1,000,000 over a period of 20 years at an interest rate of approx. 9.00% Variable = approx Rand 9,130.00 capital and interest per month = a total approximate amount payable over term of Rand 2,217,200 including capital, interest, arrangement and survey fees.