Please see below communication from Standard Bank regarding their First Time Home Buyer Product called Jumpstart:
CALL ME AND I WILL DO EVERYTHING WITHIN MY ABILITY TO SUPPORT AND HELP YOUR BUYERS.
We are pleased to advise that we have made a change to the qualifying criteria for the First Time Home Buyer Cost Inclusive Product (Jumpstart).
Background:
Until recently customers could only qualify for up to 105% of the loan amount with a cap of R 1.8 mil.
What is the change:
Customers can now qualify for up to 108% of the loan amount and the cap has increased to R 2.2 mil.
Please note:
- If the application declines uniquely for “Product not Permitted” it means that they do not qualify for Jumpstart, but they can still proceed with their initial LTV excluding costs.
- If a customer cannot afford the full 108% but they qualify for Jumpstart, the LTV can be reworked to what they can afford (103%/105%/107% as an example)
- To qualify for the Cost Inclusive Offering (JumpStart) only one of the applicants must be a First Time Home Buyer.
Effective Date:
The change becomes effective immediately on all new home loan applications. We are expecting this change to make a positive impact on the Cost Inclusive acceptance.
