The Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) is an electronic communication method used by banks all over the world to correspond with each other in a secure and standardised way. SWIFT transfers are secure, standardised, relatively inexpensive and extremely quick.
If you are unsure of the SWIFT code, simply select Foreign Bank Search while capturing your Global Payment application.
FNB's SWIFT code is FIRNZAJJ
When entering the SWIFT code, please make sure that all the letters are in uppercase.
All foreign exchange transactions in South Africa are subject to exchange control regulations, governed by the South African Reserve Bank. In accordance with compliance and as an authorised dealer, we provide you with the rules applicable to South African residents travelling abroad . Full details can be found on the South African Reserve Bank's website.
To initiate the process, you will need to meet the following when applying for a Foreign Choice
50% or purchase price of the property price is required as deposit.
50% deposit must originate from foreign funds transferred to South Africa from abroad. Proof of this is required and has to be submitted with the Exchange Control application referred to in the next point.
A fee that is paid by you to the attorney.
The amount ranges from 0,5% to 1,8% of the value of the bond to be registered.
A fee that is paid to the attorney nominated by the seller to transfer ownership of the property.
This fee varies and is based on the purchase price of the property.
The cost of documents and certificates that the conveyancing attorney will need to submit to the Deeds Office, the bank, the estate agent and you.
The amount differs and can be a minimum of R300.
A fixed fee for the local registration of the loan.
Estimated cost between R70 and R3 000
This is a government tax, which you will need to pay based on the purchase price.
Amount
Acquisition of property by natural persons:
| Value of Property | Rate |
|---|---|
| Less than R900 000 | No transfer duty payable |
| R900 001 to R1 250 000 | 3% of the value above R900 000 |
| R1 250 001 to R1 750 000 | R10 500 + 6% of the value above R 1 250 000 |
| R1 750 001 to R2 250 000 | R40 500 + 8% of the value above R 1 750 000 |
| R2 250 001 to R10 000 000 | R80 500 +11% of the value above R2 250 000 |
| R10 000 001 and above | R933 000 + 13% of the value above R10 000 000 |
Note: The transfer duty rates are applicable to properties acquired under purchase agreements concluded on or after 23 February 2011, and apply to all persons (including companies, close corporations (CCs) and trusts).
A fee charged by FNB to process your building loan application
| New home loans | Once-off initiation fee R6 037.50 |
| Other fees | Initial valuation is free thereafter a revaluation fee of R1 642 is charged |
| Early termination fees |
An early termination fee is charged when a home loan is cancelled without giving 90 days notice. The fee is calculated on the outstanding balance at your current interest rate. |
Exchange control approval is required to grant the loan. The fee is for submitting the application.
Natural persons: R1 470
Juristic entities: R1 850
A monthly administration fee will be charged on all new registered loans.
Monthly fees Service fee: R69 for all agreements post 30 June 2018
Please note that the monthly service fee applicable to your home loan will be charged irrespective of the balance outstanding and will only cease when the bond Is cancelled.
A cancellation fee, if applicable, will be charged by the attorney to cancel your bond in the Deeds Office.
It varies by attorney and is approximately R3 000.
An early termination fee is charged when a home loan is cancelled without giving 90 days notice.
The fee is calculated on the outstanding balance at your current interest rate.
Fixed and variable rate options are available. An application must be submitted for a fixed rate.
Foreign Choice is a product for non-residents and foreign nationals who want to purchase residential property in South Africa or for South Africans who are working and living in another country, looking to buy a property in South Africa.
You have to earn an individual min. monthly income of R25 000 or for a joint application, at least one of the individuals must earn a min. of R25 000 per month, be 18 years or older and have a clear credit record.
What the Non-resident Home Loan offers
What this allows you to do
Documents needed for new clients
Foreign nationals
Non-residents
