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Convert your Home Loan to a One Account


FNB allows you to convert from a Home Loan to a One Account. The process is simple with our step by step guide.

What do I need to do?

  • Request the application form from the One Account contact centre 087 730 11 11 or Apply online
  • Complete the application form.

You need to provide the following documentation to allow FNB to assess your application:

  • A South African bar-coded or Smart Card identification document
  • Copy of latest pay slip (including the pay slip of co-applicant if applicable)
  • 2 years business financial statements, if you are self- employed.
  • 6 months' bank statements, if you do not hold a cheque account with FNB.
  • Proof of residence (Municipal bill/ Telkom Account/Income Tax Form).
  • IRP5 for proof of other income sources.
  • Proof of your housing subsidy, if relevant.
  • Permanent residence certificate, if relevant.

Fax the supporting documentation and the form (if not applying online) to 0861 33 44 74.

Make sure you're covered


Home Owners Comprehensive Cover

FNB's One Account Home Owners Cover ensures that the property is covered from the first day you take ownership.

Home Owner's Cover insures the house and any structural improvements to the property. This can be automatically arranged for you when you open a One Account through FNB and ensures that the property is covered from the first day you take ownership. In sectional title complexes, insurance is included as part of the levy paid to the body corporate and therefore no additional insurance is required from you.

Home Owner's Cover is compulsory; however you may choose an insurer of your choice. If you do this, proof of the alternative insurance must be provided annually, and must meet the bank's minimum requirements.

If you have One Accounts with Multiple Properties, you need to ensure that each property is adequately insured.

Life Assurance

  • It insures the bond holder in case of death, the bond amount will be paid out in full and the money left over will be paid to the beneficiary. The house will then belong to your loved ones.
  • An additional benefit (if incorporated into the policy) will insure the bond holder in the event of permanent disability, incapacity, critical illness or retrenchment, the bond amount may be paid out in full and the money left over will be paid to you. (This is dependent on whether the event is permanent disability, incapacity, critical illness or retrenchment).

There may be instances where Life Assurance is dependent on the risk associated with the customers loan and Life Assurance may be required.

Move Home, not your Home Loan


Once you're an FNB Home Loans customer, there's no reason to move! By staying with FNB you'll enjoy a number of fantastic benefits!

  • Save on attorney fees
  • Get an early termination fee rebate
  • Get a bond cancellation attorney fee subsidy

Terms and conditions apply.

Draft your own will today


Draft your will today!

Any member of the public over the age of 16 years can now apply for an FNB Will.
A free Will and safe custody for FNB Home Loan and One Account customers.

Terms, conditions and rules apply

Combining your transactional account with your property finance needs


The One Account is a cheque account with a large overdraft secured by a residential property. Your facility is your borrowing limit. This does away with the need for separate cheque and home loan account thus replacing them with a One Account.

The overdraft is reduced monthly over the term of the facility. It's convenient and more affordable than having to manage and pay fees on multiple accounts. A Visa Cheque Card makes the account secure and convenient to use. In addition, as an FNB customer using your FNB Cheque card, you'll start earning eBucks from the very first transaction.

What makes having a One Account more affordable?


  • The overdraft is reduced monthly over the term of the facility. It's convenient and more affordable than having to manage and pay fees on multiple accounts.
  • A Visa Cheque Card makes the account secure and convenient to use. In addition, as an FNB customer using your FNB Cheque card, you'll start earning eBucks from the very first transaction.
  • Interest is calculated daily and capitalised monthly, so the more money deposited and kept in your One Account, the lower the interest charges. The interest rate is lower than typical short term loan products.
  • You can pay off the facility in 20 years, which brings monthly payments well within reach.

Debit order switching on a One Account


For new One Account customers, this will only apply if you do not already have a cheque account with FNB, and we can assist you with this process. If you banked with another financial institution then debit order switching will allow you to amend all your debit orders to run from the newly opened One Account.

Monthly costs


A monthly service fee will be charged on all new registered loans. See Pricing Guide for details.

Other costs to consider

  • Municipal rates and fees
  • Monthly home loan repayments
  • Property Insurance
  • Life Assurance
  • Household content insurance

Once-off costs


Expense Description Typical amount
Purchase price deposit (if necessary) This is a payment made to secure the property. The amount will be stated in the Offer to Purchase contract Varies according to property value
Transferring costs A fee that is paid to the attorney nominated by the seller to transfer ownership of the property This fee also varies and is based on the purchase price of the property
Postage and sundries 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 Minimum R300
Deeds Office registry fee A fixed fee for the local registration of the loan Estimated cost between R70 and R3 000
Transfer duty This is a government tax, which you will need to pay based on the purchase price View the rates .
Initiation fee A fee charged by FNB to process your home loan application See Annual Pricing Guide for details. FNB will debit this fee to your home loan on registration.
Purchase price deposit (if necessary) This is a payment made to secure the property. The amount will be stated in the Offer to Purchase contract Varies according to property value
Registration costs A fee that is paid by you to the attorney View the rates .
Transferring costs A fee that is paid to the attorney nominated by the seller to transfer ownership of the property This fee also varies and is based on the purchase price of the property

Repayment options on a One Account


FNB's One Account allows you flexibility and choice not just in the type of loan you choose but also how you choose to pay.

You have a choice between two repayment options, which allows you to pay off your loan faster. Customers have different repayment needs and our repayment options enable flexibility in this regard. One Account offers alternatives between which you may choose.

Regular repayment

This type of payment is similar to an ordinary home loan repayment. It covers monthly interest on the outstanding debt as well as a portion of the capital. The facility size (limit) reduces with the capital portion on a monthly basis and this is how you become debt-free over time.

Accelerated repayment

This is the ideal option if you want to repay the loan over a shorter period and have the extra funds to do so. You can elect to make a monthly repayment that is greater than the minimum repayment allowed. Once made, you will not be able to access that portion of the funds in the account which will give you comfort that you will not fall into a debt trap. This option allows you to pay off the loan facility faster and subsequently pay lower monthly interest as the outstanding balance reduces.

Further Facility


A further loan for a One Account is referred to as a One Account Facility, and allows you to apply for and register an additional loan over and above the existing loan already registered over property/ies in the One Account portfolio. You can use the additional amount for anything you choose. The application is subject to credit assessment.

Tiered interest rate


FNB's one account has variable interest rates based on the loan to property value ratio. This process is called tiering. Based on the outstanding balance to property value ratio you will have a different interest rate. This process is called tiering. FNB's One Account has variable interest rates and is based on:

  • 80.1% to 90% at 0.5% above the quoted rate,
  • 90.1% to 100% at 1% above the quoted rate.
  • >100% at 1.5% above the quoted rate.

A tiered interest rate will apply to your loan once the facility is active. The tiered interest rate will be subject to the outstanding balance to property value ratio. The Loan to property Value (LTV) is calculated by taking the facility size and dividing it by the property value to determine a percentage. When your balance falls within a certain tier, the full outstanding amount will be charged at the rate applicable to that tier.

NB: Interest is calculated daily and capitalised monthly.

Full/partial reinstatement of a facility on a One Account


A full facility reinstatement is when you want to increase your facility back to the original facility amount, whereas a partial facility reinstatement is a specified amount which is below the original facility amount.

An application form must be completed, and you will be required to indicate whether your request is for a full or partial facility reinstatement. The application is subject to credit assessment and approval in line with NCA requirements. The interest rate on your One Account may be affected. Please refer to a One Account agent for the fee applicable, or refer to our Annual Pricing Guide.

Multiple property portfolio changes


A multiple property is where you combine more than one property in your One Account facility.

Each property is secured by a separate covering bond (each dependent on the valuation of the property), the combined bond amounts will amount to the total One Account facility.

Buying or adding a property on a One Account

Individual properties can be bought and sold thereby adding or removing properties from the One Account single facility. The facility will be amended (reduced or increased) by the properties removed or added. Adding properties will be subject to credit approval and assessment in line with the NCA requirements.

Adding properties may allow you to qualify for the value add 'Move Home not your Home Loan' subject to the conditions being met. In the event that a Further Loan application is simultaneously being done on the existing property this will be excluded from 'Move Home not your Home Loan' offering. If you have found a new property, and would like to add the property to the existing One Account portfolio, you may apply for a variation to the existing facility to incorporate the purchase of the new property. The equity of the new property will be taken into account.

Selling and removing a property on a One Account

You may remove a property/ies from an existing One Account facility. Individual properties can be sold thereby removing a property/ies from the One Account facility. The facility will be reduced by the properties removed. Each property is secured by a separate covering bond, which will require cancellation of the bond over the property in the deeds office.

Qualifying criteria


To initiate the process, you will need to meet the following criteria when applying for a One Account:

  • The primary applicant must earn a minimum of R350 000 per year
  • You must be able to afford repayments on the account, joint income will only be taken into account for applicants who are married in community of property
  • You must have a clear and favourable credit record
  • You must be a South African citizen and have a valid South African identity document
  • The account must be in the name of a natural person (e.g. no companies, trusts, etc.)
  • You must comply with the requirement to have your income deposited into the One Account
  • The application is subject to credit assessment and approval
  • No developments (in progress or newly started) will be granted on a One Account. This can only be converted / included in an existing One Account on 100% completion of the development

Registration Costs


Amount of Bond Recommended Guideline of Fees for Mortgage Bonds
R100 000 or less R3 000,00
Over R100 000 up to and including R125 000 R3 120,00
Over R125 000 up to and including R150 000 R3 240,00
Over R150 000 up to and including R175 000 R3 480,00
Over R175 000 up to and including R200 000 R3 600,00
Over R200 000 up to and including R250 000 R3 960,00
Over R250 000 up to and including R300 000 R4 440,00
Over R300 000 up to and including R350 000 R4 920,00
Over R350 000 up to and including R400 000 R5 520,00
Over R400 000 up to and including R450 000 R6 000,00
Over R450 000 up to and including R500 000 R6 480,00
Over R500 000 R6 480,00 for the first R500 000 plus R960,00 per R100 000 or part thereof above that, thereafter, up to and including R1 000 000 whereafter the recommended fee of R528,00 per R100 000 or part thereof up to and including R5 000 000 whereafter the recommended fee R264,00 per R100 000

Transfer duty


Value of the property (R) Rate
0 - 900 000 0%
900 001 - 1 250 000 3% of the value above R900 000
1 250 001 - 1 750 000 R10 500 + 6% of the value above R1 250 000
1 750 001 - 2 250 000 R40 500 + 8% of the value above R1 750 000
2 250 001 - 10 000 000 R80 500 + 11% of the value above R2 250 000
10 000 001 and above R933 000 + 13% of the value above R10 000 000

One Account

Your facility is your borrowing limit

  • The One Account is a cheque account with a large overdraft secured by a residential property
  • This does away with the need for separate cheque and home loan accounts
  • Earn eBucks with every transaction
 

Get rewarded


Save money when you spend

eBucks Rewards is FNB's rewards programme that enables you to earn eBucks for doing everyday things like shopping, filling up with fuel or loading airtime.

You can spend the eBucks you earn on fuel, electronics and appliances, travel, books, CDs and DVDs, flowers, outdoor equipment, fashion - you name it. With eBucks Rewards you save money every time you spend. This means you can do more and get more for less.

Call us now on 087 320 3200 or visit www.ebucks.com

What's hot


Get all in one + be rewarded

At FNB we know that buying a home can be stressful. To make the experience as smooth as possible We offer finance solutions and tools to guide you through the entire home loan process - from start to finish.

Convert your Home Loan to a One Account

Combine your home loan and check account.

Read more

Make sure you're covered

Ensures that the property is covered from the first day you take ownership.

Read more

Move Home Not Your Home Loan

There's no reason to move, stay with FNB and enjoy fantastic benefits

Read more

Draft your own will today

Draft your own last will and testament in a few easy steps.

Read more

Gold and Platinum rewards brochure

See how you can get rewarded for doing everyday things.

Read more

How it works


Switch, combine + save

Instead of having a cheque account as well as a home loan, a One Account allows you to have a single account for both. Your salary gets deposited into your One Account, and the interest savings are immense. This does away with the need for separate cheque and home loan accounts thus replacing them with a One Account.

Combining your transactional account with your property finance needs

What makes having a One Account more affordable?

Debit order switching on a One Account

What it costs


Consider the options best suited to your needs

When buying or selling property, costs pertaining to registration and transfers need to be considered. Select the applicable link below to have a better understanding of our cost structure and costs involved in finalising the process.

Once off

Monthly

 

Payment options


FNB's One Account allows you flexibility and choice not just in the type of loan you choose but also how you choose to pay.

Repayment options

FNB's One Account allows you flexibility and choice

Read more

Tiered interest rate

Variable interest rates based on the loan to property value ratio

Read more

Further facility

A One Account Facility that allows you to register an additional loan

Read more

Full/partial reinstatement

Increase your facility back to what you already paid

Read more

Multiple property portfolio

Combine more than one property in your One Account facility

Read more

Getting it made easy


One Account

Qualifying criteria

  1. Earn a minimum of R350000 per year
  2. Be able to afford repayments on the account, joint income will only be taken into accounts for applicants who are married in communinty of property
  3. Have a clear and favourable credit record
  4. Be a South African citizen and have a valid South African ID
  5. Make sure the account is in the name of the natural person(i.e. no companies, trusts, etc.)
  6. Comply with the requirement to have your income deposited into the One Account
  7. Accept that the application is subjuect to credit assesment and approval

View full qualifying criteria

How to get it

Call me back

Other ways to apply

Find a branch

Or call us on 087 730 11 44

Documents needed

  • A South African ID book/card
  • Proof of income (if self-employed, 5 years' business financial statements are required)
  • 6 months' bank statements, if non-FNB customer
  • Proof of residence (municipal bill/Telkom account/income tax form) or proof of housing subsidy (if relevant)
  • An IRP5 for proof of other income sources
  • A proof of residence certificate if relevant
  • A One Account variation form, when adding new properties to an existing One Account
  • Completed One Account Application form
  • Completed One Account Further Lending application form
  • Completed One Account Reinstatement form