Buying a Home

In the market to Get a New Home/Property Loan?

If you are a first-time home/property buyer or buying your second or third home/property – Bondfin Assist will make it simple for you and guide you throughout the home/property loan application process. First time buyers sometimes find the process a little daunting – but by choosing Bondfin Assist, you’re choosing a specialist home/property assistants provider that will listen and assist you to make the best decisions for your unique circumstances. We’ll provide you with expert information, making the experience as easy and stress-free as possible.

Bondfin Assist is here to assist you through every step of this exciting venture. Purchasing a new house is one of the biggest financial investments you’ll ever make.

Bondfin Assist is here to help you the client by providing you with all the answers and valuable information you will be looking for. Here is some valuable information for home buyers, and to learn more about mortgages, new home loans that are available for you from the financial institutions in South Africa.

Am I ready to purchase my new home?

You the client, before you set your sights on buying the home of your dreams, it is important to establish whether you are ready to make such a big, ongoing financial commitment – in other words, is your income stable and sufficient to support the bond?

If you are full time employed and earn a regular monthly salary or if you are self-employed for more than 3 years, you’ll have a fairly good idea of whether or not you can afford to buy a home/property. However, if you are self-employed, your income may be unpredictable, making it more difficult to know for certain whether you are in a position to purchase. Bondfin Assist’s experienced consultants will help you to verify your financial standing, and can assist you in calculating how big a home loan you can afford and qualify for.

Please Keep in mind

Please note, it’s important to bear in mind the costs and fees associated with purchasing your new home/property. You’ll need to have money to place a deposit if necessary, on the home/property loan and you’ll also have to consider the bond and transfer fees that will have to be paid the attorney’s appointed to assist in the transaction and registration of the property. There will also be monthly fees on top of your bond repayments to consider as your home-owners insurance and rates and taxes on your property. To ensure you can afford the purchase, it’s essential to calculate all your monthly expenses and those involved in buying your home/property. As a rule, your bond repayments, together with taxes and property insurance, shouldn’t exceed 25% to 30% of your gross income. In fact, at the five big financial institutions in South Africa, as responsible lenders, they will not approve a loan that exceeds 30% of your joint gross monthly income. It’s also a good idea to try to pay off other debt you may have (such as personal loans or credit card debt) before applying for a home buyer mortgage.

Important factors to consider

The most crucial factors you’ll need to consider when buying your home is the type of house you need. While your home may not be the mansion of your dreams, it is important to ensure that it meets all your current and medium-term needs. For example, a bachelor flat or garden cottage can be rented out to help you with extra income every month to assist you with those unexpected expenses that could come up.

When purchasing a property, it is vital to consider your individual housing needs, as well as those of your family – or future family! Is the home centrally located, or at least within manageable distance of work, grocery stores, doctors, schools and pharmacies? Most importantly, due to the crime in the country, is the area relatively safe and secure? Although you may get “more home” for your money in a less desirable part of your city or town, these may not be suitable areas for children to live and play in. The saying go’s… it’s better to buy a smaller house/property in a good area than a big house/property in not so good area. The value may also not appreciate as it will in more sought-after areas.

Once you’ve decided which area you’d like to live in and have a rough idea of the type of home you want to buy, you’re ready to begin house-hunting. Although the process of finding a home is reputed to be a lengthy one, don’t be disappointed if your ideal home takes weeks to find.

Once you discover the home that’s right for you, it’s a good idea to snap it up and resist the urge to “shop around” for a bargain. When you find the property that’s priced right and perfect for you, IMMEDIATELY contact Bondfin Assist and let us assist you with your bond approval to buy it.

Getting Started

Choose an application option

Apply online with your details and we will contact you to explain everything to you in detail and answer all your questions you will have for us in order to get started with your application.
Or call our Sales Contact Centre on 011 100 4777 to discuss your home loan solution needs with one of our specialist consultants. Call and set up an appointment to meet face to face with a specialist consultant to discuss your home loan requirements. (Please note due to the COVID-19 virus it’s in our and your best interest and safety to do everything on the phone and on line in the beginning phase please)

Send us your documentation

Send us the required documentation. This is important as we must have all your up-to-date information in order to process your application, so getting this together upfront will help speed up the approval process.

You’ll need to provide us with the following documentation

If you are an employed individual:

Proof of income: Your latest up to date salary advice for the last 3 months. If you earn weekly or every fort night we will still need all the salary advices for 3 months up to date (for both applicants or all party’s involved in the application if applicable).
Latest 3 months up to date personal bank statements (for both applicants if applicable).
Personal Assets & Liabilities Statement for loan amounts over R1 500 000.
Copy of your ID document (for both applicants if applicable).
Copy of Marriage Certificate or ANC Contract (if applicable).
Copy of the Purchase Agreement *
Latest 3 months bond statements **
Latest rates/Levy Statement/Utility account statement **

Note*: Only required for clients that are applying for a New home/property Purchase

If you are a self-employed:

Proof of income: Letter of Earnings from an Accountant (for all applicants if applicable).
Latest 6 months personal bank statements (for all applicants if applicable).
Personal Assets & Liabilities Statement.
Latest 6 months business account bank statements.(if your business is trading out of more than one bank account we will need 6 months business bank statements from all of the trading accounts)
Latest 2 years’ Annual Financial Statements.
Where Annual Financial Statements are older than 6 months to date, Current Management Accounts not older than 2 months signed by the applicant and accountant must be provided in addition to the Annual Financial Statements.
Copy of your ID document (for all applicants if applicable).
Copy of Marriage Certificate or ANC Contract.
Copy of Registration Documents or Trust Deed.
Copy of Purchase Agreement. *
12 months bond statements or copy of the title deeds
Latest rates/Levy Statement/Utility account statement.

Note*: Only required for clients that are applying for New home/property Purchase

Credit Approval

The financial services providers will now complete the credit assessment, using the supplied documentation as well as information obtained from a credit bureau regarding your current credit status. If this is all in order, you will receive notification of approval of your bond application. This approval is subject to the completion of the valuation on the property. If there is a problem, you will be contacted by one of our consultants to discuss a possible solution.

Property Valuation

An expert appraiser will arrange an appointment to do an assessment value on the property.

Sign a letter of acceptance

Once the application has been credit approved, we prepare a home loan proposal, called an LOA. This document details the costs, interest rate, indicative instalment and other important information for you to evaluate and sign.

Conveyancing

The national panel of attorneys that is on the banks panels will prepare all the necessary bond registration documents and will make an appointment with you to sign them.

Await registration

Registration of your bond at the Deeds Office will take approximately 4 to 6 weeks.

Once your home loan is registered, we will continue to provide you with personalised service and attention, and you will then be able to move in to your new house/property.

Are you ready for your new home or property?

Contact us today to discuss your options with one of our trained staff members

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The Process in Registering a New Purchase Bond

Step 1

To start the process the Bond Attorneys (appointed by the bank registering the bond) request the draft deed and guarantee requirements from the Transfer Attorneys (appointed by the Seller to transfer the property to the Buyer’s name) who obtains this from the Cancellation Attorney (appointed by the bank cancelling the Seller’s bond). This information is forwarded to the Bond Attorneys to draft bond documents.

Step 2

The Transfer documents will be arranged to be signed by the Buyer & Seller.

Step 3

The Buyer will pay transfer costs and the Transfer Attorney pays the rates & taxes, which allows them to obtain a rates clearance certificate from the council. The Transfer Attorney also pays the Transfer Duty. Both of these are legal requirements that must occur for registration to take place.

Step 4

The bond documents are drafted, signed by the Buyer and the guarantees are forwarded to the Transfer Attorneys, who in turn forwards the guarantees to the Cancellation Attorneys to obtain consent for cancellation from the Seller’s bank.

Step 5

Buyer will then pay the bond costs to the Bond Attorneys.

Step 6

Once all documents have been signed by all the party’s concerned and the costs paid, the Transfer, Bond & Cancellation Attorneys arrange for simultaneous lodgement of the documents.

Step 7

Once the deal has been lodged, the Deeds Office takes approximately 7 – 10 working days to process the documents before registration takes place.

Step 8

Payment of the guarantees is made on date of registration of the bond.

Note: The same attorney could be appointed Transfer Attorney, Bond Attorney & Cancellation Attorney.
The registration process typically takes between 4 and 6 weeks to complete. However, delays are possible if some information is not provided.

Delays could be caused by:

Failure by the Seller and/or Buyer to provide personal information.
Failure by the Seller to provide details of the bank holding the existing bond.
The existing bondholder not providing cancellation figures and title deeds to the Transferring Attorney.
Failure to receive rates figures from the local authority and/or clearance certificates.
Failure by the Buyer to pay a deposit (if required), transfer and/or bond costs on time.
The Seller/Buyer delays the signing of transfer documents and/or bond documents.

We will call you back!

We’re pleased to meet you. Complete the form to have one of our administrators call you back and explain how our services can benefit you whether you’re looking to buy a home or property