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Q: When applying for a home loan, what criteria are taken into account by the banks?

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Is it only financial aspects or do they consider things like gender, race and age? Is it only financial aspects or do they consider things like gender, race and age?

A: In line with the National Credit Act, customers’ income, current debt commitments and monthly household expenses are all considered to accurately determine an applicant’s affordability and, ultimately, their ability to take on additional debt.

In other words, the granting of loans and pricing at Absa is dynamic and purely based on risk. As part of the application process we also consider credit history (the manner in which previous credit obligations have been managed) and specifics about the loan (including the type and quality of asset).

At no point does race, gender or other demographic information feature in our credit policies or decision making tools. – Geoff Lee, managing executive at Absa Home Loans

* Need a home loan specialist? https://www.iolproperty.co.za/mortgage_application_signup.jsp

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