In full-time work? Prepare an offer to purchase, three months’ bank statements and a South African ID, foreign passport or temporary resident permit.
From a conditional offer to your final offer: what changes your home budget
If approved, your conditional offer needs document checks and Absa’s property valuation. Your final offer follows valuation. Variable-rate repayments can rise or fall with prime.
Pay any unfunded price to the transfer attorney under your sale agreement. The deposit excludes transfer duty, bond registration, transfer and initiation fees.
Your interest rate, monthly fee and fixed-rate option
Absa sets your interest rate using your credit profile, spending, saving and application timing. You agree it at signing. A monthly administration fee also applies.
After bond registration, request a fixed rate for 12, 24, 36, 48 or 60 months. If granted, it stays fixed for that period, then automatically returns to variable.
What you need to put your home purchase in motion
Have proof of gross and net income ready, plus these requirements.
- Apply alone, jointly, or as a registered entity.
- Pay any unfunded purchase price as a deposit.
- Insure a free-standing home before your bond is registered.
- List loan commitments and variable living expenses.
Move from your chosen home to registration
- Choose your home and make an offer.
- Apply online after the seller accepts.
- Accept your offer to start transfer and registration.
- Sign transfer and bond papers; pay fees and duties.
Your home loan questions
What initiation and legal fees will I pay on my Absa Home Loan?
Absa charges R6 037.50 once: pay upfront or add it after bond registration. Conveyancers charge bond registration and transfer fees.
How do I prove my income if I work full-time or have just started?
For full-time employment, provide your latest payslip. If you’re newly appointed or have no payslips, provide your employment contract.
What if I’m self-employed or switching an existing home loan?
If self-employed or on variable income, give six latest consecutive payslips. To switch, give estimated market value and loan balance.
How quickly can I apply and move into my new home?
You can complete the application in 15 minutes. Allow around three months or longer for the full purchase and financing process.