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If I am a temporary resident in South Africa, can I purchase a property in SA?
Foreign Nationals (temporary residents) may apply for local financial assistance, including a bond for the purchase of residential property. Such a bond is not restricted and, depending on the standing of the client, it can amount to 100% of the purchase price of the property. The granting of any borrowing facility is subject to the approval of the Lending Manager in the branch of the bank where the foreign national holds his or her account.
It is important to note that when a foreign national departs the Republic of South Africa, the criteria for Non-Resident purchasers will apply and the bond may have to be reduced to fall into line with the South African Reserve Bank's formula requirements.
Please talk to one of our experienced ooba home finance experts to help you to negotiate your application for bond finance.