First-time home buyers stand a chance to win big with Standard Bank competition

In a time when economic challenges weigh heavily on the dreams of many South Africans, Standard Bank has emerged as a beacon of hope.

Recognising the aspirations of first-time home buyers and the financial strains they face, the bank has taken a bold step. First-time home buyers who apply and are eligible for a loan in the R3m and below price band will not only receive 50% off their bond registration costs but will also go into a draw to have their outstanding home loan balance settled to a maximum of R1m.

The Standard Bank first-time home buyers competition will run from April 1 to December 31. The home loan must be registered on or before March 31 2024.

Five lucky first-time buyers will be selected to either have their home loans settled or have them partly settled through a R1m boost. 

Forging pathways to financial freedom

“South Africans are operating in a tough economic environment,” says Unathi Maqalekane, Standard Bank provincial head of personal and private banking. “The series of relentless interest rate hikes and increases in the cost of living have delayed many people's 'firsts', like buying their first home.”

The competition is just one of various ways Standard Bank strives to help customers on their journey to achieve their firsts.

“For us, it's not just about offering benefits and discounts; it's about forging pathways to financial freedom and stability in a tough economic landscape,” Maqalekane says.

Helping South Africans buy and keep their first homes

Home buyers are beginning to truly understand the extent to which rate increases can affect their bond instalments. This, together with inflationary pressures, is placing strain on household finances.

“The winning homeowners will be able to focus on other household expenses and potentially saving and investing for the future without the added pressure of higher bond payments,” Maqalekane says.

“Home ownership is a foundational step towards wealth creation and establishing a legacy. Through this initiative we're not just celebrating property ownership and reducing the financial barriers such as bond registration costs, but helping South Africans access and keep their first homes in challenging economic times.”

“As one of the nation’s largest home loans providers, we at Standard Bank are unwavering in our commitment to offer unparalleled value to these buyers,” Maqalekane says.

“Our first-time home buyers competition is merely one of the many initiatives we've launched to keep people in their homes. Beyond this, we've rolled out measures such as extending loans, granting payment holidays and supported customers who can no longer afford their homes through our EasySell programme.”

“The EasySell plan ensures the best price possible is obtained as the bank employs the services of an estate agent to market and sell the house.”

From November 2021 to April 2023, EasySell has helped 1,224 customers, equating to R1.5bn in property debt.

Apply for your home loan today 

The prize is subject to a maximum of R1m. If your bond amount is R800,000 and you are selected as a winner, you will win R800,000. If your bond amount is R1.2m, for example, you will win R1m.

The prize will be transferred directly into your home loan account. If you wish to have access to the prize, you will be required to open a Standard Bank transactional bank account and apply for an access bond.

To qualify for the competition, you must:

• Be a South African citizen, 18 years or older, with a valid identity number;
• Permanently reside in SA;
• Be an individual buying a home for the first time; and 
• Be eligible for a Standard Bank home loan. 

How to enter:

Apply for a home loan with Standard Bank, up to a maximum of R3m, through any of the bank's available channels — a branch, Prestige/Private banker, website, customer contact centre or mobile agents during the competition period. 

If your application is received by December 31 and your mortgage bond is registered by March 31 2024, you will be entered into a draw to win.

Terms and conditions apply. 

This article was sponsored by Standard Bank.