TERMS AND CONDITIONS

1.               DEFINITIONS

In this document ‘addendum’ refers to this addendum entered between the parties, and ‘agreement’ refers to the home loan agreement between the parties, including the quotation. Words and expressions defined in the agreement and used in this addendum have the same meaning as in the agreement.

2.               TERMS

2.1                    We will give you a home loan of up to105% of the purchase price of your property.

2.2                    You must use this money to pay for the following:

2.2.1                                 Attorney registration costs.

2.2.2                                 Transfer costs.

2.2.3                                 Our initiation fee (if you have chosen to add it to your loan amount).

2.3                    We will pay 5% of your loan directly to your registering attorney and they will deduct their costs from this money and pay any remaining money into your home loan account. This money will then be available to you via your NedRevolve facility.

2.4                     If the 5% is not enough to cover all costs, you must pay the difference to the registering attorney.

2.5                     If you are buying a new, Edge-accredited development from the developer, you will also get a preferential interest rate.

2.6                     The loan can be taken over 360 terms (30 year loan term).

3.               HOW TO QUALIFY

3.1                     At least one applicant must be a first-time home buyer.

3.2                     The buyer(s) must be South African citizen(s) or a South African Permanent Resident.

3.3                     The total loan amount (purchase price and costs) must be less or equal to R2 500 000,00.

4               EXCLUSIONS

4.1                     The following people or entities do not qualify for this home loan offer:

4.1.1                                 Where there is an active deeds status i.e. an existing or previous home loan.

4.1.2                                 Client individual or average (in the case of joint bonds) age >45 years.

4.1.3                                 Non-primary residences & NREB.

4.1.4                                 Juristic entities.

4.1.5                                 Self-employed sole proprietors and self-employed Nedbank clients who take business drawings.

4.2                     We will not grant this home loan as any of the following:

4.2.1                                 A loan to buy vacant land.

4.2.2                                 A further loan.

4.2.3                                 A readvance.

4.2.4                                 A building loan.

4.2.5                                 A switched loan (loan from other financial institution).

5               GENERAL

5.1                    This addendum forms part of the terms and conditions of your existing home loan agreement (collectively referred to as the agreements).

5.2                    This addendum will take precedence over the agreement if the terms of this addendum conflict with the terms of the agreement.

5.3                    The terms and conditions of these agreements will otherwise stay the same and will be of full force and effect.

5.4                    You remain liable to us (Nedbank) for all obligations in terms of these agreements.

5.5                    If you do not comply with the terms and conditions of these agreements, you will give up the offer.

5.6                    This addendum may be executed in one or more counterparts, which will be one and the same addendum.