Old Mutual | Home Loan | Find out how to Loan for Home Improvements

Old Mutual | Home Loan | Find out how to Loan for Home Improvements

For many of us, the only way to own our house is to request home loans. Buying a house is very expensive and not everybody has the chance of financing those expenses on their own. But, don’t worry, that is why these loans were created in the first place. However, there is another complication: applying for a home loan in South Africa is not easy either. For this reason, we want to show you how Old Mutual can help you find the best home loan and walk you through this process at no cost for you.

Does Old Mutual Give Home Loans?

Old Mutual is a company that offers financial services to its clients. The service they offer in relation to home loans is that of an advising. You can partner with Old Mutual and find the best home loan for you to finally have the house you always dreamed about. Old Mutual will advise you and help you with the paperwork.

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How to use Home Loans Calculator with Old Mutual?

When we think about buying or building our house, we usually have in our head the idea of our dream house. However, many times the house we dream of is not the house we can actually afford. This is why it is so useful to use loan calculators. There are two types of loan calculators that you can definitely benefit from when you are looking for a home loan.

The first type of calculator will help you evaluate what house you can buy based on your budget. These tools will ask you information about how much you earn, what your expenses are, and so on, in order to determine how much you can spend on a loan.

The second type is for when you already know how much the house will cost you. The calculator will show you how much you will have to pay every month in instalments.

8 Banks Old Mutual Works with to Offer you Home Improvements Loans

If you choose to start your loan application through Old Mutual assistance, you will be able to choose from 8 different banks. These are all renowned institutions that adhere to all regulations established by the National Credit Act and enforced by the NCR.

The 8 banks we will list below offer different home loans that can suit your every need. You can use the loan to buy a new house, to build the house you want or to make improvements on a house you already have. The banks Old Mutual partners with are:

  1. Absa Loans
  2. Nedbank
  3. Standard Bank
  4. Investec
  5. FNB
  6. SA Home Loans
  7. House Investment Partners
  8. Rand Merchant Bank

For instance, at Standard Bank you can refinance your home loan to make renovations in your house. Another option they offer is that you take a second loan over the bond you already have. With this loan, you can make the improvements you want on your house while raising the market value of your property.

What are the Requirements for Home Loans for First Time Buyers at Old Mutual?

The requirements to qualify for a home loan will depend on the institution Old Mutual recommends you to request the loan to. For example, if you and Old Mutual determine that the most convenient loan is the one offered by Absa, then you should know the specific documents requested by this bank. These are:

  • A copy of the purchase offer indicating the information about the property and the seller
  • ID for each one of the applicants
  • Marriage or Divorce Certificate (photocopy)
  • Proof of residence
  • Payslip
  • Bank statements

We already said that there might be discrepancies between banks as regards the requirements they ask their clients. However, these 6 items mentioned above will be common in almost all banks.

What are the Benefits of Requesting Pension Home Loans through Old Mutual?

Pension Funds are allowed to let their clients to use the money of their fund to finance a house. Superfund is the pension fund managed by Old Mutual. Those people who are members of the fund can gain access to a housing loan surety. There are certain conditions for this surety. For instance, the fund member should occupy the house they are about to buy and the loan they take out cannot be greater than 60% of the funds owned by the member.

If you want to check out if you can participate in this housing loan surety, you will need to contact Old Mutual. Remember that in order to qualify, you will have to be an employee with a Superfund pension.

As we told you above, Old Mutual partners with eight banks to offer you the best possible offer. This means that if you partner with Old Mutual in the pursuit of a home loan, you will only be able to ask for a loan at these banks. The great thing about it is that the loans that Old Mutual offers you are provided by some of the biggest and most reliable banks of South Africa. But that is not all; there are other benefits of requesting your home loan through Old Mutual. Check them out:

  • Old Mutual service to you is completely free!
  • The process to request a loan is super easy and quick: you will have to complete a form
  • Old Mutual is able to arrange for you the best possible interest rate
  • You will be assisted by Old Mutual every step of the way

Like we said at the beginning of this article, requesting a home loan is no easy task at all. There are many things to consider, and a lot of documents to collect. There are terms such as interest rate, balloon payment, etcetera, that you might not be aware of. Having Old Mutual as your partner to guide you and help you out throughout this process will definitely be something you might not regret.

The process of requesting home loans in South Africa might be a little frustrating. There are too many things to consider: affordability, interest rates, surety, and more. Old Mutual has partnered with eight banks to provide you with the assistance you need to request a loan. 

Preguntas Frecuentes

Should I call at the main office for more questions?

If you are interested in taking out a home loan, you can contact an specialized advisor in the field at this number 086 0000 366.

What is the loan term for a personal loan?

You have up to 84 months to make the payments for the loan.

What happens once I send the application?

An advisor will look for some financing institutions and its offers, and he will help you choose among all the options you have, which is the best one for you and your financial situation.

Can you apply for a loan if you are a permanent grant recipient?

Old Mutual can help you find a home loan and the service they provide is free for you since they charge the bank you ultimately choose. Therefore, the specific requirements and qualifying criteria will depend on which bank you end up choosing. However, most banks will need you to have a permanent job.

I'm receiving my payout monthly from gepf don't have a payslip.. Will you be able to help me with a loan?

We are sorry to inform you that for you to ask for a loan with Old Mutual, you will absolutely need to provide them with your latest payslips and bank statement showing that you receive your salary at that bank account. Without those documents you will not be allowed to borrow money from Old Mutual. However, there are some companies that might be able to help you. Please, read our articles to find all about them.

How will I know if my loan was successful or not at old mutual?

Once you provided Old Mutual with all the documents requested to qualify for the loan, the company will look into your affordability and assess if you are fit to pay back the loan. After they make a decision, you will be contacted by the bank to inform you about it.

I'm already an old mutual client. I have a personal loan that I'm paying monthly. Can I qualify for a home loan?

Old Mutual offers clients with two types of loans: short-term loans and long-term ones. Also, the company does not offer home loans per se but provides its clients with the service of giving advice in relation to home loans. That is to say, agents can help you out with all the paperwork you need to hand in to find the best home loan for you. 

I'm already an Old Mutual client. I have a personal loan that I'm paying monthly. Can I qualify for a home loan?

To know if you qualify for a home loan, you need to bear in mind that the company Old Mututal will help you find the best suitable home loan for you. The company provides with financial advising services, so it will analyse your economic situation, and based on that, it will determine if you can obtain a loan. 

How can I apply for an Old Mutual home loan improvement?

Old Mutual does not offer home loans per se, but it helps by giving pieces of advice about the best home loans. The entity works in association with few banks which offer this type of line of credit to make home improvements. For instance, you can resort to Absa Loans, Nedbank, Satandard Bank, among others. 

I want to apply for a loan with Old Mutual.

If you wish to apply for a home loan with Old Mutual, then you will need to comply with the qualifying criteria. These include being over 18 years old and a resident in South Africa, having a good credit history, providing details of the house you want to buy and showing proof of income, among others.

Can I request a home loan from Old Mutual using my retirement plan?

You will be able to apply for a home loan with Old Mutual, providing you have the means to pay back the loan completely. They will analyse your case and decide if you are eligible for a home loan or not. It is important you think about this decision, as retirement money is supposed to be used to support yourself in your retirement years. 

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