Ooba compared offerings for first-time homebuyers from South Africa’s “big four” banks as they compete for a share of the smaller home loan market.
Ooba compared what South Africa’s ‘big four’ banks—Absa, FNB, Nedbank, and Standard Bank—offer first-time home buyers as they compete for a share of the smaller home loan market amid the rising cost of living and high interest rates.
He said the uptick in property prices, first-time homebuyer deposit values, and buy-to-let investments against steady bank approval rates are all positive trends. Rhys Dyer, CEO of Ooba Group, noted a further 3% year-on-year contraction in activity from this market segment. This, in turn, has a positive impact on affordability. Dyer also mentioned that “the banks continue to offer additional rate concessions as an incentive for new-to-bank customers.”
Additionally, all the banks offer interest rate discounts from 0.25% to 0.50%, while Standard Bank notes this depends on your credit score.Before diving into a home loan exceeding 100%, it’s crucial to weigh the pros and cons.
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