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Mortgage Underwriter Average Salary in South Africa 2024

How much money does a person working as Mortgage Underwriter make in South Africa?


Average Monthly Salary
15,700 ZAR
( 188,000 ZAR yearly)

LOW
7,680
ZAR
AVERAGE
15,700
ZAR
HIGH
24,500
ZAR
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working as Mortgage Underwriter in South Africa typically earns around 15,700 ZAR. Salaries range from 7,680 ZAR (lowest) to 24,500 ZAR (highest).


Salary Variance

This is the average salary including housing, transport, and other benefits. Mortgage Underwriter salaries in South Africa vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.



Mortgage Underwriter Pay Scale and Salaries in South Africa

Median and salary distribution South Africa Mortgage Underwriter monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
14,500 ZAR or more
10% of people earn
12,800 to 14,500 ZAR
20% of people earn
9,120 ZAR or less
65% of people earn
9,120 to 12,800 ZAR
Minimum Salary
7,680 ZAR
Median
14,600 ZAR
Maximum
24,500 ZAR




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries for the position Mortgage Underwriter in South Africa range from 7,680 ZAR (starting salary) to 24,500 ZAR (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.

  • Median Salary

    With a median salary of 14,600 ZAR, half of the professionals who work as Mortgage Underwriter in South Africa earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.

  • Percentiles and Salary Scale

    The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Mortgage Underwriter in South Africa earn less than 12,000 ZAR, while 75% earn more. Similarly, the chart shows that 75% earn less than 16,700 ZAR while 25% earn more.

  • Pay Scale Structure

    To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Mortgage Underwriter in South Africa compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 9,120 ZAR to 12,800 ZAR. About 20% of salaries are below the 9,120 ZAR mark, while 10% fall within the range of 12,800 ZAR to 14,500 ZAR. Only 5% of individuals have salaries exceeding 14,500 ZAR.

Salary Comparison by Years of Experience / Mortgage Underwriter / South Africa

How do experience and age affect pay?

0 - 2 Years
9,110 ZAR
2 - 5 Years+29%
11,700 ZAR
5 - 10 Years+38%
16,200 ZAR
10 - 15 Years+24%
20,000 ZAR
15 - 20 Years+7%
21,400 ZAR
20+ Years+7%
22,900 ZAR
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly South Africa Mortgage Underwriter
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Mortgage Underwriter and this is what we found.


All salary figures displayed here are per month except when noted otherwise.

Employees with less than two years of experience earn approximately 9,110 ZAR.

While someone with an experience level between two and five years is expected to earn 11,700 ZAR, 29% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 16,200 ZAR, 38% more than someone with two to five years of experience.

Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 20,000 ZAR, 24% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 21,400 ZAR, 7% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 22,900 ZAR, 7% more than people with fifteen to twenty years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Salary Comparison By Education / Mortgage Underwriter / South Africa

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Mortgage Underwriter.

Bachelor's Degree
11,400 ZAR
Master's Degree+60%
18,300 ZAR
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly South Africa Mortgage Underwriter
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Mortgage Underwriter in order to make a comparison.


Level 1: Bachelor's Degree

Employees at this education level have an average salary of 11,400 ZAR.


Level 2: Master's Degree

At this level, the average salary becomes 18,300 ZAR, 60% more than the previous level.



Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in South Africa costs anywhere from 156,000 ZAR to 469,000 ZAR and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Salary and Compensation Comparison By Gender / Mortgage Underwriter / South Africa

Salary comparison by gender South Africa Mortgage Underwriter monthly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Mortgage Underwriter in South Africa, the average difference between the salary of male and female employees is 8%.

Male
16,200 ZAR
Female-7%
15,000 ZAR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in South Africa for all Careers

Salary comparison by gender monthly South Africa
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Average Annual Salary Increment Percentage / Mortgage Underwriter / South Africa

How much are annual salary increments in South Africa for individuals working as Mortgage Underwriter? How often do employees get salary raises?

Individuals working as Mortgage Underwriter in South Africa are likely to observe a salary increase of approximately 11% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

Annual Salary Increment Rate South Africa Mortgage Underwriter
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

South Africa / All Professions

Annual Salary Increment Rate South Africa
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

The average salary increase in one year (12 months) in South Africa is 5%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.



Bonus and Incentive Rates / Mortgage Underwriter / South Africa

How much and how often are bonuses being awarded?Annual Salary Bonus Rate South Africa Mortgage Underwriter
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46% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 54% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
54%
No Bonus
46%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Average Hourly Wage / Mortgage Underwriter / South Africa


90 ZAR per hour

The average hourly wage (pay per hour) for individuals working as Mortgage Underwriter in South Africa is 90 ZAR.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working as Mortgage Underwriter in South Africa is 44 ZAR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary comparison with similar jobs

Job TitleAverage Salary
Banking-100%
AML Analyst52,200 ZAR+230%
Assistant Bank Branch Manager44,900 ZAR+190%
Assistant Bank Manager58,900 ZAR+280%
ATM Manager49,800 ZAR+220%
ATM Service Technician13,700 ZAR-13%
Bank Accounts Analyst18,600 ZAR+19%
Bank Accounts Collector11,400 ZAR-27%
Bank Accounts Controller25,300 ZAR+61%
Bank Accounts Executive37,600 ZAR+140%
Bank Accounts Manager43,600 ZAR+180%
Bank Auditing Manager44,300 ZAR+180%
Bank Branch Manager61,200 ZAR+290%
Bank Branch Operations Coordinator26,900 ZAR+72%
Bank Clerk10,700 ZAR-32%
Bank Client Service Associate16,300 ZAR+4%
Bank Collector12,200 ZAR-22%
Bank Compliance Specialist29,300 ZAR+87%
Bank Manager69,500 ZAR+340%
Bank Operational Risk Manager68,500 ZAR+340%
Bank Operations Head70,900 ZAR+350%
Bank Operations Officer28,100 ZAR+79%
Bank Operations Specialist43,500 ZAR+180%
Bank Process Manager38,700 ZAR+150%
Bank Product Manager 45,100 ZAR+190%
Bank Programme Manager49,000 ZAR+210%
Bank Project Manager53,700 ZAR+240%
Bank Propositions Manager48,600 ZAR+210%
Bank Quantitative Analyst35,500 ZAR+130%
Bank Regional Manager69,300 ZAR+340%
Bank Regional Risk Officer34,500 ZAR+120%
Bank Relationship Manager50,800 ZAR+220%
Bank Relationship Officer22,600 ZAR+44%
Bank Sustainability Analyst38,700 ZAR+150%
Bank Teller11,600 ZAR-26%
Banker24,700 ZAR+58%
Banking Business Analyst36,300 ZAR+130%
Banking Business Development Officer21,300 ZAR+36%
Banking Business Planning Executive49,100 ZAR+210%
Banking Data Analyst39,800 ZAR+150%
Banking Product Manager44,800 ZAR+190%
Banking Reference Data Manager40,700 ZAR+160%
Banking Regulatory Compliance Officer40,900 ZAR+160%
Banking Risk Analyst35,600 ZAR+130%
Banking Technical Analyst18,900 ZAR+21%
Bankruptcy Coordinator25,900 ZAR+65%
Bill and Account Collector12,400 ZAR-21%
Blockchain Analyst30,000 ZAR+91%
Blockchain Architect34,900 ZAR+120%
Blockchain Auditor31,000 ZAR+98%
Blockchain Compliance Analyst32,000 ZAR+100%
Blockchain Consultant33,600 ZAR+110%
Blockchain Trade Facilitator29,200 ZAR+86%
Budget Analyst37,100 ZAR+140%
Capital Risk Manager66,000 ZAR+320%
Cards Marketing Manager43,800 ZAR+180%
Cash Management Manager59,600 ZAR+280%
Check Processing Manager44,100 ZAR+180%
Chief Blockchain Officer41,100 ZAR+160%
Commercial Vault Associate33,900 ZAR+120%
Corporate Banker24,600 ZAR+57%
Corporate Dealer35,700 ZAR+130%
Credit Analyst26,600 ZAR+70%
Credit and Collections Manager46,200 ZAR+190%
Credit Card Fraud Investigator35,400 ZAR+130%
Credit Portfolio Manager67,700 ZAR+330%
Credit Risk Analyst39,900 ZAR+150%
Credit Risk Associate38,400 ZAR+140%
Cryptocurrency Accountant23,200 ZAR+48%
Cryptocurrency Adviser45,000 ZAR+190%
Cryptocurrency Analyst33,800 ZAR+120%
Cryptocurrency Compliance Manager42,000 ZAR+170%
Cryptocurrency Trader37,600 ZAR+140%
Digital Banking Manager46,300 ZAR+200%
Digital Currency Analyst34,100 ZAR+120%
Direct Bank Sales Representative24,300 ZAR+55%
Exchange Control Consultant36,700 ZAR+130%
Executive Account Analyst34,500 ZAR+120%
Financial Bank Planning Consultant43,800 ZAR+180%
Financial Banking Analysis Manager50,600 ZAR+220%
Financial Banking Assistant16,400 ZAR+5%
Financial Banking Systems Manager46,900 ZAR+200%
Foreign Exchange Manager50,300 ZAR+220%
Fraud Analyst38,600 ZAR+150%
Fraud Detection Associate24,900 ZAR+59%
Fraud Detection Manager56,800 ZAR+260%
Fraud Detection Supervisor30,100 ZAR+92%
Internal Bank Audit Manager63,000 ZAR+300%
Internal Bank Auditor33,500 ZAR+110%
Internal Private Banker25,500 ZAR+63%
International Banking Manager70,900 ZAR+350%
Investment Banking Analyst49,500 ZAR+220%
Loan Analyst35,600 ZAR+130%
Loan Area Manager43,700 ZAR+180%
Loan Audit Team Leader40,900 ZAR+160%
Loan Branch Manager40,500 ZAR+160%
Loan Business Development Officer21,900 ZAR+40%
Loan Clerk12,800 ZAR-18%
Loan Collection and Recovery Manager43,400 ZAR+180%
Loan Collection Manager43,400 ZAR+180%
Loan Collector11,800 ZAR-25%
Loan Examiner15,800 ZAR+1%
Loan Officer13,300 ZAR-15%
Loan Processing Manager39,100 ZAR+150%
Loan Processor16,300 ZAR+4%
Loan Quality Assurance Auditor36,800 ZAR+130%
Loan Quality Assurance Manager40,900 ZAR+160%
Loan Quality Assurance Representative27,300 ZAR+74%
Loan Review Manager41,300 ZAR+160%
Loan Team Leader36,900 ZAR+140%
Loans Manager46,700 ZAR+200%
Mortgage Advisor25,400 ZAR+62%
Mortgage Collection Manager42,900 ZAR+170%
Mortgage Collector12,000 ZAR-23%
Mortgage Credit Analyst19,500 ZAR+24%
Mortgage Credit Manager41,000 ZAR+160%
Mortgage Development Manager47,000 ZAR+200%
Mortgage Document Reviewer16,000 ZAR+2%
Mortgage Funding Manager47,600 ZAR+200%
Mortgage Operations Manager64,000 ZAR+310%
Mortgage Payment Processing Clerk14,100 ZAR-10%
Mortgage Processing Manager42,200 ZAR+170%
Mortgage Processor16,600 ZAR+6%
Mortgage Quality Assurance Auditor36,600 ZAR+130%
Mortgage Quality Assurance Manager41,900 ZAR+170%
Mortgage Servicing Clerk12,800 ZAR-18%
Mortgage Servicing Manager40,800 ZAR+160%
Mortgage Underwriter15,700 ZAR+0%
Online Banking Manager60,300 ZAR+280%
Open Banking Strategist35,800 ZAR+130%
Payment Processing Clerk12,300 ZAR-22%
Personal Banker25,400 ZAR+62%
Personal Banking Advisor 25,200 ZAR+61%
Phone Banker16,600 ZAR+6%
Private Banker25,100 ZAR+60%
Reconciliation and Investigation Specialist30,300 ZAR+93%
Tax Officer21,000 ZAR+34%
Teller11,900 ZAR-24%
Trade Officer15,100 ZAR-4%
Trade Product Manager43,400 ZAR+180%
Trader18,200 ZAR+16%
Treasury Operations Officer30,100 ZAR+92%
Wealth Management Advisor51,300 ZAR+230%

Salary Comparison By City

CityAverage Salary
Cape Town16,300 ZAR
Johannesburg14,600 ZAR

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in South Africa is 7% on average across all career fields.

Private Sector
30,400 ZAR
Public Sector+7%
32,400 ZAR
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for the job title Mortgage Underwriter in South Africa?

A good and competitive compensation would range anywhere between 14,600 ZAR and 16,700 ZAR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for a careers like Mortgage Underwriter in South Africa ranges from 7,680 ZAR to 12,000 ZAR. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary


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