Amalgamated Banks of South Africa (Absa), with assets of more than R456 billion, was formed in 1991 ? clearly a big cheese in the banking world. Barclays Bank (UK) has a +- 56% stake, a factor that certainly makes me feel more secure. And, after all, it's security you're after when you take out a mortgage.

The company is a front runner in the housing loans market in South Africa and an immediately recognisable South African brand.

Absa offers a number of home loan products, structured to fit every conceivable budget. They are known especially for their MultiPlan option and wide range of choices for lower-income home owners.

So, what does Absa have to offer? Let's look at Absa's core home loan option, the Absa Home Loan; MyHome, a home loan product aimed at first-time and low-income buyers; and home loan add-ons and special features. Absa also offers an exciting Buy-to-let product for aspirant landlords, and building loans that are designed to cater for the needs of the growing number of small businesses in the country.

Absa Home Loan option

The great thing about the core Absa Home Loan is that it is flexible and can be customised to suit varying requirements. It has been designed in such a way that it really isn't a home loan package at all; it is a home-building block that can be coupled with various add-on options and features in the same way you'd use a little black dress to create a wardrobe of different apparel for every occasion. It's not a no-name product or a generic; it's a vehicle without aircon, sound system, mags and bull bars. You get to choose whether you want to drive a Pajero or an ox cart.

With the Absa Home Loan you can:

? Specify your repayments by selecting your preferred term and choosing which interest rate you'd prefer, flexible or variable. In the current economic climate, having this choice is important.

? A FurtherAdvance option allows you to easily increase your loan (if you qualify).

? Transactions are made quick and easy with electronic transactions and due-debit orders. FlexiReserve allows you to withdraw cash from your loan electronically.

? When you pay more than you need to, you start saving immediately on repayments.

? You can select one repayment, one term and one interest rate for multiple properties ? or not. You choose.

MyHome option

This is the a home loan of choice for anyone (or couple) who earns less than R7500 a month. Even if you do not have formal proof of income, which these days you need for practically any purchase, TargetSave helps you to work towards overcoming this obstacle. MyHome, like the Absa Home Loan, is flexible and designed to integrate with optional features and add-ons to create tailor-made solutions for you. Absa also offers comprehensive insurance options to insure your nest.

Some of the benefits you receive from the MyHome home loan:

? A 108% home loan.

? An informative training course if your loan is more than 75% of the property valuation.

? If you take out Absa House Owners Comprehensive Insurance, you pay lower premiums.

? There is no deposit required

Absa home loan add-ons and extra options

When you're taking out a home loan you need to be sure it is capable of adapting to your needs. When it comes to home loans, you're looking for the equivalent of a vehicle manufacturer who offers you a basic ?Ka? with the option to add on various luxury extras.

Interest rate options

You can choose a fixed rate or a variable interest rate depending on your view of the country's economic future.

FastForward

With FastForward you can automatically increase your bond repayments. Your home is probably your most secure and most important investment; it's in your best interests to pay it off quickly.

FlexiReserve

Need extra cash? FlexiReserve lets you withdraw funds available in your Home Loan account when you need it. And it's quick and easy too with Internet Banking.

ReAdvance

So you didn't choose FlexiReserve and now you need money? Apply for a ReAdvance.

FurtherAdvance

FurtherAdvance allows you to register a higher amount on your bond up front, even before you need it, so that you have access to that virtual loan if and when you do need it. Naturally, your home needs to be worth this increase at the time you apply, but this option lets you save time and money in the long run. Ironically, it's insurance for when things are going better than expected and you need money to grow.

MultiPlan

With Multiplan you can structure your home loan account into separate accounts with different interest rates, terms, etc. MultiPlan is like a spreadsheet; you can design the way you want to handle your home loan yourself.