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Absa Wants Bigger Deposit From Mortgage Originators,Sake24 Says

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Dec. 1 (Bloomberg) -- Absa Group Ltd., South Africa’s biggest home-loans provider, will limit its business with mortgage originators and change the way it deals with estate agents, Sake24 reported.

Buyers using mortgage originators will need a deposit of 60 percent of the property’s value before a home loan will be considered by Absa, the Johannesburg-based newspaper cited a letter from the lender to Bond Choice Home Loans as saying. Most South Africans have home loans of 80 percent of the value of their properties, Sake24 said.

Estate agents will need to use Findex, an independent mortgage origination company owned by black investors, when applying for a home loan on behalf of their customers, Sake24 said. Absa remains “serious” about growing mortgage lending, the newspaper cited Gavin Opperman, the head of small business at the company, as saying.

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To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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