• What are the benefits of an Integer home loan? | back to top
At Integer, you will get a lot more than you’d expect from a home loan. We'll give you a discounted rate in a complete package - a home loan, a transactional account linked to an Integer Debit card, a credit facility (at your home loan rate) and free WebTransact. This offers a range of intelligent financial solutions which allow you to control what you pay and control what you save.
• Why should I switch to Integer? | back to top
Integer offers an all-in-one home loan solution. Simplify your finances with your home loan, Transact Account and Integer Debit card all rolled into one comprehensive package. With our Salary Sweep, pay your salary into your Transact Account, sweep it into your home loan, and then spend it as you need it. You have the potential to save thousands without paying a rand extra!
Pay your bills and transfer funds over the internet, or withdraw cash at any ATM. Apply for an optional credit facility on your Transact account and enjoy credit purchases at your low home loan rate. It’s an opportunity to pay less on bank charges, fees and interest every month. Save money – and enjoy personal service while your money works for you.
• What is the Integer home loan interest rate? | back to top
The Integer home loan rate is a variable, discounted rate linked to Prime. Prime fluctuates according to the Monetary Policy Committee (MPC) of the Reserve Bank of South Africa. You would be advised in writing on any increase or decrease of your rate and instalment to assist you in planning your monthly budget.
• What is the difference between a fixed and variable rate? | back to top
Fixed rates are a certainty, so you know how much you're going to pay monthly with no surprises, but the rate is set higher than the current variable rate. With a variable rate you are affected by the Reserve bank and your rate can go up or down.
• How do I make my monthly payments? | back to top
Instalments are paid either by a debit order and/or salary stop order. A debit order instruction must be signed. If the Transact Account is the nominated account (the account that the instalment is debited from), the salary must be deposited or paid into the Transact Account.
The debit order is collected on the date selected i.e. 1st, 7th, 17th, 25th, or 28th of the month. If it does not fall on a business day it will be collected on the next business day. The debit order date cannot be changed within 3 days of the instalment due date.
The stop order may be received at any time. Any shortfall will be collected by debit order. Additional amounts can be paid into the Transact Account and transferred to the Home Loan Account.
• How does the Integer Debit card and WebTransact fit in with my home loan? | back to top
Your home loan is directly linked to a Transact Account. From your Transact Account, you can withdraw cash at ATMs worldwide (wherever you see the VISA sign), or make POS purchases through your Integer Debit card. Interest on credit purchases are charged at your low home loan rate.
Use WebTransact to make EFT payments or transfer funds (for free) between your Home Loan and Transact Accounts. Pay your salary into your Transact Account, then sweep it into the Home Loan Account. Transfer the money back to your Transact Account via WebTransact, as you need it. This greatly reduces the outstanding balance and therefore the interest you pay over the life of the bond. Become your own bank, with convenient access to the extra funds in your home. Who needs a bank?
• What do I need to qualify for an Integer home loan? | back to top
Integer complies with the National Credit Act and supports responsible lending. We'll provide the home loan finance up to 85% of your estimated market value E.g. Integer will grant up to a R850 000 loan for a property valued at R1 000 000. A reliable credit history is also favourable.
• What will it cost me to ‘switch’ my existing home loan to Integer? | back to top
There are no transfer fees when you switch your home loan to Integer. Allow about 1% of the value of the loan to cover an Initiation fee to Integer and Conveyancing fees. Integer has negotiated a 50% discount on our Attorney costs to save you money.
• Why do I need a valuation? | back to top
An independent valuation is required to verify the value of your home before a bond may be granted. This is done by an appointed property assessor at Integer’s cost.
• How do I transfer my existing loan to Integer? | back to top
Apply online or phone a consultant on 0861 4 66 66 4.
• What documentation will I need to provide with my application to Integer? | back to top
Minimum documentation for monthly salaried applicants are as follows:
- Completed application form
- A copy of your ID
- Recent pay slip
- Latest six months home loan statements
- Latest 3 months personal bank statements
• What happens once my application is approved by Integer? | back to top
A home loan application is approved within 1 day (8 hours) from receiving a fully completed application and supporting documentation. A credit decision is communicated and confirmed telephonically or via email to proceed with valuation. A property valuation is conducted and the home loan offering tailored to your needs. Upon final approval, a home loan is granted. This is signed and returned to Integer before our attorneys are instructed to start the conveyance process.
• What happens once I agree and sign for Integer to proceed? | back to top
Our attorneys will contact you to set up an appointment and various documents will need to be signed.
• Does Integer offer Home Owners Cover? | back to top
Yes, Integer Insurance Services prepares a quotation which is forwarded to the attorney for signing and acceptance. If another insurance policy is ceded, the attorney will generate a cession form. The suitability of the insurance policy will be assessed prior to registration. Premiums will be collected by Hollard Insurance on Integer’s behalf. This is paid via debit order.
• Can I register my bond at a higher amount? | back to top
Yes – it's a great idea for future planning. It allows you to enjoy access to low cost funding as the value of the property and your disposable income grows – without having to register a second bond.
• How many years do I have to pay off my home loan? | back to top
Integer's maximum loan term is 20 years. The minimum loan term is 5 years. You can select loan terms in 5 year increments. The loan needs to be settled before your 76th birthday.
• How do I know my home loan is secure with Integer? | back to top
The important thing to remember is that your property will always be registered in your name at the Deeds Office. The only threat to your home is if you fail to make the agreed monthly instalments. Integer is also owned by reliable and experienced shareholders – Investec. Investec is listed on the JSE.
• What is Interim interest? | back to top
Once you have given your notice to your previous home loan provider, they will calculate your Interim interest as the outstanding loan amount plus 90 days' interest. This amount acts as a guarantee to your previous lender and is fully refundable to you provided you maintain your monthly repayments and wait out the 90 days' notice period.
Should you decide not to wait out the notice period, you will be charged penalty interest, which is calculated pro-rata.
• What is a Penalty interest period? | back to top
In most cases, you can opt to wait out a 3 month notice period and it won't cost you a cent. Alternatively, if you've had your bond for 3 years or more (bank dependent), no notice period needs to be served.
• What are Cancellation costs? | back to top
This is the fee charged by the cancellation attorney to cancel your existing bond with your current loan provider.
• What are Transfer fees? | back to top
This covers the transfer of the property from the previous owner's name into yours. When you switch there are no transfer fees, as the property remains in your name.
• What is a Bond Registration fee? | back to top
This is the fee charged by the attorneys to register your Integer home loan.
• What is an Initiation fee? | back to top
This is the fee charged for setting up and opening your Home Loan and Transact Accounts.
COULDN'T FIND WHAT YOU'RE LOOKING FOR?
Please email us on speak2us@integer.co.za or call 0861 4 66 33 4 and we will do our best to answer your query.
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