The minimum gross salary requirement is R29 600. If there is a single applicant, a minimum gross salary of R29 600 is required. If there are co-applicants, a combined minimum gross salary of R29 600 is required.

As a general rule, the monthly bond repayment amount may not exceed 30% of your gross monthly income.

You can get a home loan of up to 100% of the value of your property. We will assess your credit history, your ability to repay the home loan, and the value of the property to determine if you qualify.

It depends. If you are married to your partner in community of property, then both your credit scores will be considered in the application. If you are married out of community of property, then you or your partner can apply for sole ownership without the other partner’s credit score affecting your application.

The major once-off costs include:

Bond initiation fees: This is a fee charged for processing the bond application.

Bond registration fees: This is the fee paid for the service of legally registering your bond with the Deeds Office. This is paid to bond registration attorney/conveyancer.

Transfer duty: Transfer duty is a tax payable by a property buyer when it changes hands from one person to another. No transfer duty applies if the property is being purchased from a developer. However, VAT will be payable on the purchase price.

Transfer attorney fees: Transfer fees are transferring the property into your name. Note that the R1.1 million exemption does not apply to transfer fees, only to transfer duty.

*Subject to change following the annual budget speech. Correct as at 1 February 2024.

The Old Mutual Home Loan covers residential properties in South Africa only.

It depends on the loan specifics. There are two types of insurance policies that could be required:

• Bond Cover – This policy ensures you and your family won’t lose your home if you are unable to make repayments due to death or disability. The policy will also cover retrenchment for a period of 12 months.

• Homeowners cover – This policy ensures that the credit provider and the customer are protected should the structure of the dwelling suffer damage. This policy usually covers events such as fires, storms, accidents and burst geysers.

Yes, switching from an existing home loan from other providers is covered in this offer.

The Home Loan is a variable rate loan, linked to JIBAR. It is subject to change every quarter.

Old Mutual will reward you for paying back your home loan every month with Old Mutual Rewards points. The number of Old Mutual Rewards points you will earn is the earn rate based on your Old Mutual Rewards tier multiplied by your monthly repayment amount.

You automatically qualify for a discount of up to 40% of the bond registration costs. If you have an existing home loan and are switching your bond to Old Mutual Home Loans, you’ll automatically qualify for a discount of up to 50% on the bond registration costs. Note that the discount applies to bond registration attorney fees.

The documentation required to submit a home hoan application varies, depending on things like your employment or marital status. Head on over to our application site via the “Apply Now” button and view our “How It Works” page for an exhaustive list of all the documentation required to apply.

Joint bonds follow the same process as single home loan application, however all parties involved will be assessed.

After the relevant legal documents are lodged at the Deeds Office, the registration process typically takes between 8 and 12 weeks to complete. However, delays are possible if information is incomplete.

You will have the right to cancel your home loan account or keep it open as a line of credit. If you cancel the home loan account, Old Mutual will release your title deed.

If you switch to Old Mutual Home Loans, we may be able to offer you a more competitive interest rate on your home loan. If you get a lower interest rate and monthly instalment, you could free up some money in your monthly budget which can be used on projects such as home improvements.

Other possible benefits include:

• Access to any additional value in your property (known as equity – a once-off cash amount you could get out)

• Use any equity you receive to reduce your short-term debt, do home improvements or towards education

Should you switch your existing home loan from another provider, you’ll be charged cancellation fees from your existing provider – this is charged to cancel the loan with them before registering a new home loan with Old Mutual Home Loans.