Leading the charge in affordable housing and empowering women in property ownership

Standard Bank, South Africa's largest provider of affordable home loans, continues to set the benchmark in the housing market by championing the growing role of women in affordable housing.

More than half of all new affordable housing loans are now taken out by women. With a steadfast commitment to ensuring that first-time buyers have access to the necessary funds and facilities, Standard Bank is paving the way for a more inclusive and equitable property market.

Toni Anderson, Head of Home Loans at Standard Bank, emphasises the significant strides women are making in the property sector. "We are witnessing a remarkable shift in the demographics of homeownership. More women are entering the property segment than ever before, and they are playing an increasingly important role in managing homes and home finance," says Anderson. "In 2024, we saw 4,831 new affordable housing mortgage customers, with 55% being female, amounting to R2.67 billion in loans. This is a notable increase from 2023, where 51% of our 4,659 new customers were women, with loans totalling R2.58 billion.”

This trend highlights the growing influence of women in the housing market and underscores the importance of supporting female homebuyers. Standard Bank's initiatives are designed to empower women by providing them with the resources and support needed to achieve homeownership.

Standard Bank’s affordable housing loan book – covering households earning R3,500 to R22,000 or homes under R1 million – has grown significantly over the past year. The number of loans increased from 95,654 valued at R32.63 billion in 2023 to 97,388 valued at R33.2 billion in 2024, representing a growth rate of approximately 1.8%. This growth is a testament to the bank's commitment to making homeownership accessible to all South Africans, particularly those in the affordable housing segment.

“We understand the importance of owning a home,” Anderson explains. “Homeownership is not just about having a place to live; it represents financial stability, generational wealth, and a sense of security. We are dedicated to helping our customers achieve this dream by providing comprehensive support and innovative solutions.”

Standard Bank offers qualifying first-time buyers up to 108% financing to assist with upfront costs, such as bond registration and transfer fees. This initiative is designed to ease the financial burden on new homeowners and make the process of buying a home more accessible.

In addition to financial support, Standard Bank provides training to help affordable housing mortgage customers manage their homeownership obligations. This training, funded by the bank and delivered by external service providers, is available via e-learning, online, or in-classroom formats. “We believe that education is key to successful homeownership,” says Anderson. “Our training programs ensure that our customers are well-equipped to handle the responsibilities that come with owning a home.”

Standard Bank collaborates with the National Department of Human Settlements, the National Housing Finance Corporation, and provincial housing departments to help customers access the government's First Home Finance Programme. This program offers qualifying first-time home buyers a once-off subsidy ranging from R38,911 to R169,265, depending on the applicant's monthly income. The subsidy can be used to reduce monthly instalments, contribute to the deposit, and help with conveyancing and transfer fees.

“Many potential homeowners are unaware of the government assistance available to them," Anderson notes. "Our collaboration with government entities ensures that our customers can take full advantage of these subsidies, making homeownership more attainable.”

Standard Bank's commitment to affordable housing and the empowerment of women in the property market is driving positive change in South Africa. By providing comprehensive support, innovative financing solutions, and educational resources, Standard Bank is helping to create a more inclusive and equitable housing market.

“As the largest affordable home loan provider in South Africa, we are proud to lead the charge in making homeownership a reality for all,” Anderson concludes. “We will continue to champion the role of women in affordable housing and work tirelessly to ensure that every South African has the opportunity to own a home.”