FirstRand Bank Home Loans
We offer financial solutions and tools to guide you through the entire home loan process – from start to finish. Although buying a home can be stressful we aim to make the experience as smooth as possible.
Make sure you’re covered
- Ensures that the property is covered from the first day you take ownership.
Buy Vacant land
- Take the first step towards your dream home.
Get a Will at no cost
- We will assist you in setting up a professional Will, at no cost, plus you can earn 1000 eBucks reward level points.
Once off costs
| Expense | Description | Typical amount |
|---|---|---|
| Purchase price deposit (if necessary) | This is a payment made to secure the property. The amount will be stated in the Offer to Purchase contract | Varies according to property value |
| Registration costs | A fee that is paid by you to the attorney | View the rates . |
| Transferring costs | A fee that is paid to the attorney nominated by the seller to transfer ownership of the property | This fee also varies and is based on the purchase price of the property |
| Postage and sundries | The cost of documents and certificates that the conveyancing attorney will need to submit to the Deeds Office, the bank, the estate agent and you | Minimum R300 |
| Deeds Office registry fee | A fixed fee for the local registration of the loan | Estimated cost between R70 and R3 000 |
| Transfer duty | This is a government tax, which you will need to pay based on the purchase price. | View the rates . |
| Initiation fee | A fee charged by FNB to process your building loan application | Refer to Annual Pricing Guide |
| Service fee | A monthly administration fee will be charged on all new registered loans. Please note that the monthly service fee applicable to your home loan will be charged irrespective of the balance outstanding and will only cease when the bond Is cancelled. | Refer to Annual Pricing Guide |
| Existing bond cancellation fee | A cancellation fee, if applicable, will be charged by the attorney to cancel your bond in the Deeds Office | It varies by attorney |
| Early termination fees | An early termination fee is charged when a home loan is cancelled without giving 90 days notice. | The fee is calculated on the outstanding balance at your current interest rate. |
Monthly costs
A monthly service fee will be charged on all new registered loans. See Pricing Guide for details.
Other costs to consider
- Municipal rates and fees
- Monthly home loan repayments
- Property Insurance
- Life Assurance
- Household content insurance
Documents needed
- A copy of an offer to purchase (if applicable)
- Proof of income
- If self-employed provide the latest financial statements
- Suitable proof of residence
- Copy of South African ID book/card
- Copy of marriage certificate (if applicable)
- Completed application form