ABSA Customers who are employed.

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 7, 2009 -- ABSA have informed us that they have relaxed their loan to value criteria for ABSA Customers who are employed. Their loan to value criteria for ABSA Customers who are self-employed and for non-ABSA customers remain unchanged at this stage.



ABSA Customers can be defined as any applicant who has an existing transactional account with ABSA and includes an ABSA current account, savings account, credit card and vehicle asset finance account.

The following new loan to value criteria will apply with effect from Monday to applications where the applicant is an ABSA customers and is employed and purchases residential property.



Purchase Price ≤R1.5m = maximum 90%

Purchase Price >R1.5 – R2.7m = maximum 85%

Purchase Price .>R2.7m = maximum 80%



ABSA’s loan to value criteria for vacant land and building loans remain unchanged for all categories of applicants.

In the event that an ABSA employed customer applies for homeloan finance for the purchase of residential property through an ABSA internal channel (Branch, Customer Contact Centre, Express Consultant), ABSA may exercise their discretion to offer to qualifying applicants a higher loan to value but it will not exceed 5% more than the above criteria in each of the purchase price categories.



We will be up-dating our Loan to Value Bank Guide-Lines and our Loan to Value Calculator with ABSA’s new loan to value criteria shortly.



Should you have any queries relating to this, please do not hesitate to contact one of our Mortgage Plus Support consultants on (011)327-4489 or go to http://www.mortgagepluscc.co.za

Absa Bank     credit card     current account     Mortgage Plus     New Home Loans     savings account