In view of these developments Vutula encouraged consumers to keep expenses under control and look to buy properties that were affordable, based on their financial position.

"When there is extra cash available it's easy for people to be tempted to splurge, however, let's encourage our customers to remain prudent and save a few rands for that much talked about 'rainy day'."

He added that ABSA continued to encourage home owners to deposit surplus cash into their mortgages.

Earlier this month Standard Bank said it had recently increased its risk acceptance rate in its home loan and credit card divisions.

Editor's note: The National Credit Act's stringent affordability criteria still applies and I suspect that very few 110 percent home loans will be granted, so don't get your hopes up.

Also, I strongly advise readers to not take the bank up on this offer. Save up for a deposit of at least 10 percent, preferably more and then apply for a mortgage knowing that there's enough equity there should prices continue to fall.