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Alternative to home mortgage finance

An alternative to Bond finance geared at small business owners. Small to medium business owners are finding it more and more difficult to qualify for bonds from South African banks who are desperately afraid of the high failure rate of new businesses in South Africa.

Banks are risk averse these days that if you are self employed, in a sales position without a fixed salary or any other employment where you have no guaranteed fixed amount of income, getting a bond is becoming almost impossible, even with large deposits and security, Crazy as it may seem, this is the reality of the home loan market.

Bond Pre-Approval for Home Buyers

bond pre approvalGetting a bond pre-approval before you go shopping for your home is the the very best way to negotiate from a position of strength and when making what is likely to be the biggest investment of your life, the position you want to be in right from the outset. read more

Getting a Second Bond – Application Success

Second bonds or further loans, is money that you loan on top of the original bond amount, based either on what you have repaid in the capital amount or an increase in the value of your property, or a combination of both.  If your second bond or further loan application is accepted you can use this money for basically anything from home renovations to buying a new car to paying your child’s school/university fees. read more

Know the Home transfer procedure when selling or buying your home...

soldSelling your property involves yourself, the buyer, the bank and various attorneys.  Understanding the process will make it less stressful for you and give you the opportunity to prepare all the required documents to speed up the process and have the necessary cash available when required. (yes, it does cost you money upfront to sell your property) read more

The major reasons why bond applications are rejected...

bad credit bondFigures from Leading Reals Estate agents are showing that Bad credit records are the most significant cause of Bonds that are being rejected and this is not isolated to an individual bank, all of South Africa’s banks are likely to reject the same application if the applicant has a bad credit record. read more

First Time Home Buyers Loan

first time home buyers loanA first time home buyers loan is a big step for most new home owners and as a new lender, the banks will compete for your loan providing you are able to show them that you are not a bad risk.

We must never forget that every bank is competing for market share and as a prospective new customer for them, they will earn interest on the first time home buyers loan that they offer to you. The next step for the banks once they have you as a customer is to upsell you into the other products that they have to offer like cheque accounts, investment accounts, personal loans and other banking services. They also now have access to your spouse or children through your account by offering reduced fees to spouses or study loans to your children. read more