Buyers Info - Home Loan Interest Rates in South Africa

Home Loan Interest rates
This is the place where we tell you about the interest free loans. Oops, sorry. Bad joke.

I am sure you all know what interest is, but for the benefit of the dummies here goes.

Interest is the cost of borrowing money from the bank (or in some cases from loan sharks). The rate is normally calculated as an annual percentage of the amount borrowed. Our dudes will negotiate the best possible interest rate from the banks, recommend the most suitable option and (f you invite them to your next braai) advice you how to pay your loan off quicker.

The current base home loan rate is 13.5%

Loan Repayment Term

The most common home loan term is 20 years, although it can also be 25 or 30 years. Long time hey! Obviously the longer the term, the more interest you are going to pay on your home loan. You can save interest and pay your home loan quicker if you pay only a small extra amount each month. Sorry, no boys night out anymore.

Discount, Discount

Now we have your attention. It is possible to get up to 2% below the home loan base rate. This is if you have been a good boy (or girl) and have paid all your accounts on time. It also depends on the size of your ……….. deposit.