South Africans and foreigners will now be able to get mortgage bonds in any country they want.
Absa Home Loans yesterday launched its International Mortgages Division, which would assist customers in all aspects of buying residential or investment properties in South Africa and abroad.
Local banks said the norm was for banks to offer foreign buyers assistance, and agreed that the dual purchase concept was unique.
Absa said the current local foreign property purchase market was estimated to be worth R54billion, and there was still more demand. The bank said it hoped to build the division's portfolio over a three-year period.
Locals who buy abroad would be subject to prime and lending rates of the country where they make their property purchase.