ABSA bonds offers new fixed rate option

ABSA customers are now able to fix their Monthly Home Loan Repayment for up to 10 years.

The impact of rising interest rates is starting to have a marked effect on disposable income and confidence levels amongst home buyers this feature goes a long way in addressing this issues. Customers now have the ability to plan ahead for the next ten years.

Customers have the added option of only fixing a portion of the loan by making use of Absa’s Multiplan account offering. A customer may choose which portion of the loan should be calculated at a fixed rate and which portion should be calculated at a variable rate. The customer would therefore experience a reduced impact on the monthly instalment if the variable rate was to increase, as a portion would remain fixed. (Please note that MultiPlan can only be set up via a new loan, further advance or re-advance application process)

With Prime at its current levels of 15.00%, ABSA home loans‘ best rate equates to Prime less 1.60%, fixed for 10 years