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First-time homebuyer
Up to 105% Loan offer
terms and conditions
1. Definitions
In this document addendum refers to this addendum entered between the parties, and agreement refers to the home loan agreement between the parties, including the quotation. Words and expressions defined in the agreement and used in this addendum have the same meaning as in the agreement.
2. Terms
2.1 We will give you a home loan of 105% of the purchase price of your property.
2.2 You must use this money to pay for the following:
2.2.1 Attorney registration costs.
2.2.2 Transfer costs.
2.2.3 Our initiation fee (if you have chosen to add it to your loan amount).
2.3 We will pay 5% of your loan directly to your registering attorney and they will deduct their costs from this money and pay any remaining money into your home loan account. This money will then be available to you via your NedRevolve facility.
2.4 If the 5% is not enough to cover all costs, you must pay the difference to the registering attorney.
2.5 If you are buying a new, Edge-accredited development from the developer, you will also get a preferential interest rate.
3. How to qualify
3.1 At least one applicant must be a first-time home buyer.
3.2 The buyer(s) must be a South African citizen(s).
3.3 The property purchase price must be between R100 000 and R1,800 000.
4. Exclusions
4.1 The following people or entities do not qualify for the 105% home loan offer:
4.1.1 Juristic entities.
4.1.2 Self-employed sole proprietors and self-employed Nedbank clients who take business drawings.
4.1.3 Nedbank Private Wealth and Nedbank Business Banking clients.
4.1.4 If you have opted for our renewable-energy offer.
4.2 We will not grant 105% home loans of the following types:
4.2.1 Loans to buy vacant land.
4.2.2 Further loans.
4.2.3 Readvances.
4.2.4 Switched loans (loans from other financial institutions).
5. General
5.1 This addendum forms part of the terms and conditions of your existing home loan agreement (collectively referred to as the agreements).
5.2 This addendum will take precedence over the agreement if the terms of this addendum conflict with the terms of the agreement.
5.3 The terms and conditions of these agreements will otherwise stay the same and will be of full force and effect.
5.4 You remain liable to us (Nedbank) for all obligations in terms of these agreements.
5.5 If you do not comply with the terms and conditions of these agreements, you will give up the offer.
5.6 This addendum may be executed in one or more counterparts, which will be one and the same addendum.