So last year had a word which I shared to the church that from September this year through the Grace of God, the financial crisis will be broken. One of my mates, Phillip Ferreria who is a financial planner just phoned me to look at a headline that was released to the media yesterday which confirms what I felt
Standard backs 100% mortgages
Johannesburg – Standard Bank has relaxed its lending criteria and no longer requires customers to pay a deposit if they are buying a house priced up to R1.5m, the bank announced at a press briefing on Wednesday.
Until now, Standard Bank required a deposit of 5% to 10% on property purchases valued up to R1.5m. Standard Bank is the first of the big four banks to officially announce the long-awaited move back to the traditional 100% home loan offering.
The advent of the National Credit Act (NCA) in mid-2007, coupled to the global banking crises, prompted SA banks to lower loan-to-value (LTV) requirements on mortgages to anything between 60% and 95%, depending among others on price, type of property and location.