Do you want to own your first house? How about upgrade or move to a bigger one? Nedbank understands these needs and realizes the importance of a home loan. After all, it is one of the biggest investments you will ever make.

Buyers want flexibility. Nedbank is dedicated to providing flexible home loans to their customers. Nedbank can tailor home loans individually to meet their clients. Whether this is your first home or your third, Nedbank is there for you.

Nedbank home loans can be used to buy either an existing home or vacant land. Build the house of your dreams or move into one. Nedbank will finance between 70-100% of a vacant lot as well as cover 100% of the home?s value. A lot of this coverage falls under your credit history and the value of the property.

Nedbank offers both fixed and variable interest rate home loans, as well as Nedbank Accelerated Payments, which enable the buyer to pay off their home loan faster than what is agreed upon in the home loan contract. This is an excellent way to say money on capital and interest.

In order to qualify for a Nedbank home loan, you must be a South African resident with a good credit record. Also, minimum monthly income requirements exist. Before you ever think about apply for a home loan, make sure you check your credit report.

You can also pay down high credit balances to increase your score. Remember, lower interest rates are only offered with high credit scores. Also set aside two to three months of incomes for the first few loan payments, which is known as reserves.

Buying a home means lots and lots of paperwork too. Make sure the documentation you hand over to one of the trusted lenders includes proof of identity, income verification, bank statements and the offer to purchase agreement. Hand over the documentation at the start of the loan process and not end. This will vastly speed up the loan approval process.

Paying monthly loan payments is part of the process. The monthly charge consists of the capital, interest, home insurance premium, and any administrative fee tacked on.

When you are ready to purchase a home, make sure you see a qualified lender first, as they can review your situation, answer any questions, and develop a home loan proposal to meet your specific needs.

Tom Martens is the content coordinator for South Arica?s leading Homeloans portal which amongst others offers Bond origination services for all major banks.