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How to get a 100% home loan – zero deposit!

With the help of ooba Home Loans, South African homebuyers have a great chance of obtaining a home loan without a deposit. Here’s what you need to know.

100 Home Loans

Article summary

  • Home buyers who lack the funds for a deposit have another option available to them: the 100% home loan, in other words, a home loan with no deposit required.
  • 100% home loans are increasing in popularity, with ooba Home Loans reporting a 68% increase in 100% home loan applications.
  • 100% home loans have higher repayments and interest rates but save money in the short term.

While there are many benefits to putting down a deposit on your home, the 100% home loan provides an option for those who have difficulty mustering the funds for an upfront payment.

Although anyone can benefit from it, it’s specifically geared toward the needs of first-time home buyers. Banks offer 100% home loans to encourage people to take their first step onto the property ladder.

How do I get a 100% home loan?

You can apply for 100% home loans with ooba Home Loans.

We submit your application to multiple banks so you have the best chance of your application being approved.

80% of our 100% home loan applications are being approved, with four out of five applicants successfully securing a 100% home loan.

100% home loans on the rise

ooba Home Loans reports a 68% increase in 100% home loan applications, 80% of which were approved.

100% home loan means higher repayments

Of course, the flip side is that the 100% home loan has higher repayments and interest rates.

You can use our Bond Repayment Calculator to determine what you will pay on a home loan with no deposit.

Your chances of obtaining a 100% home loan

This depends on:

  • Your credit record. Banks are taking a higher risk so a good credit record is important. 610+ is the minimum required, and 661+ is considered good.
  • Your ability to afford monthly repayments (which will be higher with a 100% home loan).
  • The value of the property.

You can check your credit record by prequalifying for a home loan with ooba Home Loans. This process, as well as providing you with an estimation of what you can afford, will determine your chances of being approved for a home loan.

100% home loan versus deposit

As our Bond Repayment Calculator indicates, a 100% home loan adds up to a lot in the long term.

So putting down a deposit is always the better option if you’re able. It increases your chances of getting the home loan application approved and saves you significant costs in the long term.

Why now is a good time to apply for a 100% home loan reported in November 2021 that the pace of mortgage loans has accelerated, and is at the highest level since the introduction of the National Credit Act in 2007.

Increased competition between banks has led to higher home loan approval, including 100% home loans. It’s also led to lower interest rates for home buyers.

Find out your chances of qualifying for a 100% home loan

You can get prequalified with ooba Home Loans, which will determine what home loan you can afford. It also assesses your credit record, which you should know before applying.

You can get prequalified by contacting an expert at ooba Home Loans or by using our free, online prequalification tool, the Bond Indicator.

Get prequalified for a home loan today

DIY with our online prequalification tool, or speak to an expert.


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Simply The Best

Ooba home loans services are simply the best. My Consultant Bianca Dancer was so hands on and helpful from the get go. She guided me through the entire process and put me at ease being a first time buyer. I highly recommend their services.

Tia J

Excellent Service

Jay Govender and Maleshini Reddy from OOBA provided outstanding assistance and guidance in securing our home loan. Response times were excellent and they were professional and friendly.

Brice G

Bond Application

Estelle Vorster was really helpful in securing the best deal for my home loan, she not only negotiated a lower interest rate she went as far as securing 50% discount on the transfer costs.

Butana M