Already have a home loan? You could save thousands by switching your home loan to Absa and access the equity that you have built up in your home over the years. Let’s help you re-evaluate your existing home loan and help you make that great escape and get a better deal right now.

Apply now

Why switch to Absa?

We can save you money and help you to access equity in your home.

Discounted fees

Receive a 30% discount on your Attorney Bond Registration costs.

Terms and conditions apply

Bond registration costs

In addition to 30% discount, get up to R30 000 to cover bond registration costs.

Zero initiation fees

Enjoy zero initiation fees and save R6 037. 

What to expect when you switch

  • What you get when you switch

    • Zero initiation fee, so you can save up to R6 037.50*
    • A negotiated discount of 30% on Absa Panel Attorney bond registration costs (VAT incl.)*
    • Over and above this great 30% discount, Absa will cover payment of the remaining attorney bond registration costs, up to a maximum of the rebate amounts (inclusive of VAT) reflected below on loan amounts approved and paid out. Rebate Benefit Amounts:
    R500 000 - R2 499 999 Up to a maximum of R10 000 (incl. of VAT)*
    R2 500 000 - R4 499 999 Up to a maximum of R20 000 (incl. of VAT)*
    R4 500 000+ Up to a maximum of R30 000 (incl. of VAT)*
    • Taking up a home loan is a significant milestone in your life. We will provide a financial planning consultation with a qualified adviser to consider the following: a Will, a life policy, retirement planning and other options. Send an email to virtualadvisor@absa.co.za and an adviser will call you.*
    • Absa Rewards clients earn real Cash Rewards (the more products the customer holds, the higher the earn ratio) every time they swipe their Absa Debit, Cheque or Credit Card.*
    • The Great Escape proposition applies to existing and non-Absa clients that apply to switch a minimum approved home loan of R500 000.00 (five hundred thousand rands).*

    Terms and conditions apply

  • Features when you switch

    • Choose the interest rate option that gives you the repayment structure you prefer - fixed or  variable. Note: Fixed rates are only available after registration.
    • You can have electronic access to your Home Loan via Absa Online banking and Telephone Banking, if you have an Absa transactional account.
    • Additional deposits can be made at any stage, which will immediately reduce your interest cost. To access any advanced payments you pay over and above your monthly instalment, you will need to activate the FlexiReserve option on your account.
    • The monthly repayment of your loan takes place via a due-amount debit order. This facility saves you the trouble of going into the branch to amend the existing repayment amount where there is a change in the Mortgage Lending rate.
    • Apply for Future Bond to register a larger bond than the amount of the loan granted, which will reduce the cost and time when increasing your loan in future (via a  Further Advance).
    • Further Advance: Further loan amounts may be applied for as soon as your property value increases sufficiently or when you want to extend/improve your property.
    • The loan can be structured up to a maximum term of 30 years. The term may be changed at any time at no additional cost. (If the change results in an increase in your repayment, additional information may be requested in order to confirm your affordability).
    • In aid of the environment and to ensure a safe and easy statement delivery to you, we also offer eStatements. No additional cost for this service and you may switch back to physical mail delivery at any time.
  • How it works

    Your home loan account at the other bank will be cancelled and the outstanding amount will be taken over by Absa if your application to switch passes our credit assessment criteria. Monthly repayments are calculated to pay the loan plus the interest over the agreed term of the loan, normally 20 years but up to a maximum of 30 years.

    The monthly repayment will also include:

    • The monthly service fee
    • A premium for Homeowner’s Comprehensive Insurance (HOC), if Absa’s HOC is used
    • A premium for an Absa Life policy if you decide to take up life cover with Absa

    The monthly repayment must be paid into the loan account on the required date stated in the mortgage loan agreement so that your home loan does not fall into arrears.

  • What you will need

    • Fully completed home loan application form.
    • A valid, bar-coded South African ID/ Smartcard (both sides) or a passport if you are not a South African citizen.
    • Copy of marriage/divorce certificate if surname in identity document differs to surname on application.
    • Latest salary advice (only 1 payslip required for salaried individuals) unless commission or overtime is consistently earned or an income statement if self-employed
    • Three (3) months bank statements on your personal transactional account into which your salary is deposited.
    • 6 (six) latest consecutive month’s home loan statements showing all transactions at the other bank.

    Terms and conditions apply

Need more support?

Let one of our consultants help you switch.

Call us on:

0860 111 007

Email us at:

home@absa.co.za

Visit your nearest branch