Supporting SA homeowners

Standard Bank runs exciting competition for first-time buyers

Standard Bank, the country’s leading home loans provider, is once again providing a way for South Africans to realise their life “firsts” such as home ownership, despite the challenging economic environment.

Becoming a homeowner is a significant life milestone but, for firsttime buyers, it can often feel like an elusive dream due to various challenges such as saving for a down payment and navigating the complexities of the housing market.

To empower aspiring homeowners and make their dreams a reality, Standard Bank Home Services has tailored a competition exclusively for first-time buyers, offering a unique opportunity to secure their ideal home.

How does the first-time home buyer’s competition work?

First-time home buyers who apply and are eligible for a loan with Standard Bank to purchase their first home in the R3 million and below price band will not only receive 50% off their bond registration costs but go into a draw to have their outstanding home loan balance – or part thereof – settled to a maximum of R1 million.

The Standard Bank First-Time Home Buyers (FTHB) competition is currently active and will run until March 31, 2025.

So, anyone who is in the market for their first home can apply for a home loan with the bank through any of the bank’s available channels (physical branches, private bankers, on the website, via the Customer Contact Centre, or through any company that provides a bond origination service during the competition period) and will qualify for the competition.

The home loan must be registered on or before March 31, 2025.

The biggest aspiration for South Africans: Home ownership

Home ownership is one of, if not the most, important financial aspirations that South Africans wish to achieve in their lifetimes. However, it is no secret that the impact of the tough economic environment has put those goals on the backfoot.

Standard Bank understands the significance of home ownership within the South African context, as well as the importance of enabling this financial or key life milestone for the financial benefit of individuals and the greater South African economy.

Provincial Head of Personal and Private Banking in the Eastern Cape, Unathi Maqalekane said: “For firsttime buyers, home ownership represents not only a personal achievement but also a step towards financial stability and generational wealth.”

Supporting homeowners amid the challenging economy

“The majority of homeowners with bonds are feeling the impact of the economic environment on their finances,” Maqalekane said.

“The relentless rise in interest rates has resulted in an increase in the value of home loan instalments, which has created a situation where families may be struggling to meet their payment commitments. In worst case scenarios, if individuals face particularly high debt to income ratios, they may be forced to give up their homes entirely.”

Maqalekane added that the winners of Standard Bank’s FTHB competition will be provided with significant financial breathing room, enabling them to focus on other monthly expenses and potentially save and invest for the future without the added pressure of higher bond payments.

“Additionally, there are expectations that the country will experience the lowering of interest rates, which we foresee happening in the latter part of the year. If this comes to pass, it will assist all homeowners in the country by bringing the value of their bond repayments down.”

Home ownership is a foundational step towards wealth creation and establishing a legacy. As such, Standard Bank continues to celebrate property ownership and support South Africans along their journey to help create a brighter financial future for them and their families.

“We’ve done a lot to help people stay in their homes, and one of our many initiatives is the First-Time Home Buyers competition.

“Beyond this, we’ve implemented policies like loan extensions, payment extensions, and our EasySell programme, which helps consumers who can no longer afford their homes.

“For us, it’s about creating routes to financial stability and freedom in the face of a challenging economic environment, not just about providing benefits and discounts,” Maqalekane said.