What is the Great Escape home loan switching campaign in South Africa?

The Great Escape campaign allows homeowners in South Africa to switch their home loan to Absa and benefit from discounted bond registration fees and contributions towards switching costs, subject to terms and conditions.

Who qualifies to switch a home loan to Absa?

Homeowners with an existing home loan at another bank and a loan balance of R500 000 or more may qualify to switch their home loan to Absa, subject to approval.

Do I need to inform my current bank before switching my home loan?

Yes, your current bank will need to be informed as part of the switching process, particularly for bond cancellation and settlement procedures.

What costs are involved when switching a home loan?

Costs may include bond registration fees, bond cancellation fees, and legal costs, although some of these may be subsidised depending on the switching offer.

Can switching my home loan reduce my monthly repayments?

Yes, switching your home loan may result in a lower interest rate, which could reduce your monthly repayments depending on your new loan terms.

Absa Home Loan: Tips to start building your own home

Call me back Switch now

Switch and save with Absa Home Loans

We cover up to R26 000 of your switching costs*. Plus, you get 50% off your bond registration fees.

Call me back Switch now

Here’s what you get

Competitive rates

Switch and save with our personalised rates.

Discounted fees

Enjoy 50% off your bond registration fees with an Absa-approved bond attorney.

Access extra cash

Apply for additional funds when you switch your home loan for more than your current outstanding balance.

Switch and save

We’ll cover up to R26 000 of your switching costs*.

What you need to know

Why switch to Absa?
If you have a home loan with another bank, you’re eligible to switch it to Absa. Also, if your home loan is valued at R500 000 or more, you qualify for the Great Escape campaign.

If you switch your home loan with a balance of R500 000 or more to Absa, you qualify for a 50% discount on your bond registration fees.

You may also qualify for a further R20 000 to use towards the remainder of your bond registration fees and up to R6 000 to use towards your bond cancellation costs, provided that you open or have an existing Absa Cheque Account and you set up your Home Loan debit order against it.

What’s more, we offer competitive interest rates, which could lower your monthly repayment.

You’ll even have access to qualified financial advisers who will help you draw up a will, apply for life insurance, start retirement planning and more. Simply send an email to virtualadvisor@absa.co.za and an adviser will call you back.

*Terms and conditions apply
What you need to know
Choose the interest rate that gives you the repayment structure you prefer, with a term of up to 30 years. Find out more.

Manage your Home Loan Account digitally via Absa Online, your Absa Banking App and Telephone Banking.

With Absa FlexiReserve, you can use the available funds that you’ve paid into your Home Loan Account over and above your required repayment amount.

Limited offer: 10 October 2023 to 31st August 2026.
How it works
If your switching application is approved, you can either move your outstanding balance or increase it to the current value of your home. Your outstanding balance will then be moved to Absa.

Your Absa Home Loan will have a variable interest rate. After registration, you may apply for a fixed interest rate.

Your monthly repayment includes a service fee, a Homeowner’s Comprehensive Insurance (HOC) premium and Absa Life Insurance (if Absa is your insurer).

A monthly debit order will be set up to help you manage payments easily.
What you’ll need
Your ID (a South African identity document or a passport, permanent residency permit or visa)

Three months’ bank statements (if you’re employed full time)

Six months’ bank statements (if you’re self-employed)

Proof of income:

If you’re employed fulltime:

Latest payslip (not older than two months)

Six months’ payslips if you have a variable income

Employment contract if you do not receive a payslip or have been recently employed.

Pensioners:

Proof of advice or letter of pension.

Self-employed:

Salary advice

Latest IT34 (last tax year).

Six months’ (latest) consecutive home loan statements showing all transactions at your other bank.

Find out how much it would cost to switch

Use our calculator to get an estimate of your monthly home loan repayment quickly and easily.

Calculate now

Frequently asked questions

What is the Great Escape campaign?

The Great Escape campaign gives you 50% off bond registration fees, up to R20 000 to use towards your remaining registration fees and up to R6 000 to use towards bond cancellation costs for loans over R500 000, if you have or open an Absa Transactional Account.
What’s the eligibility criteria for switching?
To qualify, you must:

Switch a home loan of R500 000 or more; and

Apply through the Absa-approved channels (i.e. online or via a branch or Property Finance Specialist).

To unlock more benefits, apply for an Absa Cheque Account and set up a monthly Home Loan debit order against it.
Should I inform my current bank before switching?

Yes, you must give your current bank 90 days’ notice before you switch your home loan, to avoid any early termination charges.
What’s the eligibility criteria for switching?

There is no criteria for switching your home loan from another bank. However, to benefit from the Great Escape campaign, your home loan must have a minimum balance of R500 000 or more and the campaign criteria is met.