Once you have completed your online information form, first thing would be to make sure you send us your supporting documents as requested by the form at the bottom. You should also receive an email to remind you of what documents are required. Secondly, if are applying with someone, be sure they also complete an online form. You are welcome to request us to send the link to them as well, otherwise they can simply navigate to the online-finance form 😉 Steps after we have all applicants' information and supporting documents: We do pre-checks with the information received: We do credit and affordability checks to make sure everything looks good before we proceed to the banks. After the pre-checks we upload your information onto our online-system, this process is the time-consuming process for us and can take 2-3 hours depending on the complexity of the information. Once uploaded, we generate an online form with all the application information. We send you this form via our online-sign software to review and then sign if you are happy with the information. By doing this, we create a two-step system to allow accountability between us and yourself with regards to the information we send to the banks. We make double sure you are happy 😉 Once this document and the final OTP (offer to purchase) is received, we can submit o the banks. Feel free to contact us if you get stuck!

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You can refer to the previous section regarding things that effect your score. If you are currently under 'Debt Review' have an 'Adverse listing' or a 'Judgement' on your report, please refer to that section. A low score can mean many things on a credit report. Perhaps you missed some payments long ago or perhaps you don't have enough credit to boost your score. The first step would be to settle ANY arrears on the report, and make sure that the arrears reflects as settled. The second step would be to have credit, that you use, and that you keep paying every month. A good choice is usually a credit card with one of the major banks. This builds some relationship and also will start building your score. Keep in mind that it is not enough just to HAVE the account, it must actually be used. Your credit score is based on how you manage your accounts. Make sure not to open a credit card that is too big te keep serviced/paid. Lastly, never miss a payment and monitor your score.

A pre-approval or pre-qualification simply means taking a look at your credit status and looking at your income & expenditure to see what you can afford. Our pre-approval process entails the following: Quick one-page online information form with consent. Our team analyses the credit report and checks affordability. We give feedback on what we believe you can afford based on your credit score, credit exposure (how much debt you have versus how much you have paid off) and your income & expenses. It is worth noting that a pre-approval or pre-qualification will always be an informal process. Bond originators AND banks do not proceed to the credit department (decision makers at the banks) for the purpose of a pre-approval. This is only done on application stage. We use our industry experience and expertise to analyse and advise accordingly. This is why, the more information we have, the better your chances are of a successful application.

A low credit score is a thorn in the side of a person applying for a bond. Fortunately, there are ways to build your score back up. Lets break it down into two sections: Things that decrease your score and things that increase your score: Things that decrease your score: Credit reports: Every time someone draws a credit report on your profile, it leaves a footprint that affects your score negatively. Little to no secured accounts: 'Unsecure' accounts refers to accounts without a linked asset. Like credit cards, overdraft accounts, personal loans, retail accounts etc. High loan-to-repayment ratio: This refers to the amount you still owe on your credit versus the amount you have already paid off. Meaning you still owe allot compared to how much you loaned. Missing payments: Missing a payment has the greatest negative impact on your score. Debt review and Judgements will be discussed in another topic. Things that increase your score: Paying your accounts on time. Having a limited amount of unsecured accounts. Less credit cards, retail accounts and personal loans. Low loan-to-repayment ration: It either means you are settling accounts faster than required or that you have very few accounts that you owe allot on. Secured accounts: Vehicle finance and home loans are the best credit-score builders. In order to keep your score high make sure you NEVER miss any payments. Our checks track three years worth of data whilst the bank can see the last ten years+. Although a staple for increasing credit scores, retail accounts and credit cards should be managed carefully. Try not to max out these accounts and pay them off quicker than required to bolster your credit score.

Although online calculators are convenient and quick, they lack one major aspect: experience! We also use our own calculators, but we know what to include and exclude when looking at incomes and expenses. Furthermore, we provide step-by-step guidance on what the next step would be to help ensure the success of your bond application.

Your credit score is derived from various credit bureaus that keep track of the accounts and credit that you have. They link these accounts to your profile and not only keep an eye on how much credit you have, but also if you are keeping up with your payments. The old saying of 'you need credit to make credit' rings true, especially in South Africa. Clients who have NO credit gets placed in the same bracket as clients with very bad credit. This is because the banks base their lending risk on how well you repay your accounts. Having little to no history, makes it very difficult for the banks to judge whether you will repay them timeously.

Depending on work load, a pre-approval can take up to 24 hours. Usually a lot quicker.

If you are currently under debt review, you cannot apply for bond finance at all. By law, the banks are not allowed to lend money to any person under debt review. If you have recently been cleared of being under debt review, it is well worth doing a pre-approval with us to see how your credit and affordability looks. Also, we will check to see if the debt review status still reflects on your PCR (Personal credit report.) IMPORTANT NOTE If you have recently been cleared of debt review, it will be well worth contacting each banks 'debt review department' to ensure you are no longer under debt review on their system. Banks keep records separate from the bureaus. Which means they will decline your application based on debt review status, even though your no longer under debt review. You can clear this, by being pro-active in contacting the banks to get these status updated. Debt review department contact details: ABSA BANK: 0861005901 FNB: 0877301166 FRBDebtReviewCentre@firstrand.co.za Nedbank: 0860555111 Standard Bank: 0861111525 0861111402 DRApplications@standardbank.co.za

As with anything in life, planning is key! If you are planning to buy a home, it is well worth-while having an expert take a look at your credit and affordability to avoid disappointment when applying to the banks. Not only do we give you a the figures on affordability, we also advise. If we determine you are not affordability, stick with us! We will work with you to assist getting your finances in such a way that you CAN buy that dream home. 😁

The 90 day notice is a set-time that you need to give the bank notice in order to avoid paying an interest penalty when you sell your property. This is standard for all banks. If you are planning to, or are busy selling your property, we advise you to call the bank where your bond is situated, and to inform them of your intention to sell. It is worth noting that this does not incur any penalty, should your property not sell for whatever reason. Some banks even allow you to give this notice via their mobile app, simplifying the process even further. Don't get caught out! Make sure you inform your bank accordingly and as soon as possible! 😁

We engage with various financial institutions on our clients' behalf. We collect all the required information, as is specific to each application, and present it to the bank in a format that complies with their requirements. Further to that, we chase up the banks to ensure quick turn-around times and if issues such as declines or document request's arise, work to get them resolved successfully.

Excellence! We pride ourselves in delivering an excellent service to each and every client. Whether a pre-qualification, a formal application or an agent sending us their client, our work is done with excellence. We use a modern system designed around a smooth and simple user experience. No more massive and complex application forms. A full online system; start to finish. Optimized with what is needed; with little to no duplication of information. Our work ethic is as follows: Over communicate: The agent and the client must always be up to date with where we are in the process. Always ask why: We treat a decline from the banks as an opportunity to see if we can appeal. If we receive a decline we ask why and how we can change it; EVERY SINGLE TIME. Never give up: Banks make mistakes, we do not take 'no' for an answer until we have triple checked our options and exhausted all avenues. Do what is best for the client: We have no agenda or ulterior motive. Our advice is purely aimed to help our client succeed and to get them the best deal possible. Using us for your own or your clients bond will not disappoint!

Yes, you most definitely can! Working for yourself as a sole proprietor or running your own company entails a bit more due diligence in order to get a bond from the banks, but is completely possible. Despite all the normal documentation required you will also need the following documents in order to apply for a bond as a self employed person: 18 - 24 months worth of audited and signed financial statements. Up-to-date management accounts if the above statements are older than 3 months. An auditors letter stating monthly income. There are other documents required depending on if you are a sole-proprietor or a PTY LTD/CC, but the above are the main stumbling blocks for most. If you need more advice regarding the above. Please feel free to contact us.

Statistically, around 5-10 calendar days. With that said, not all deals are the same. If the banks have many questions, queries, require clarity or request more documentation, the amount of days to completion can vary significantly. Another factor that plays a major role is the type of application. Buying into a trust or company generally has a much longer lead-time. This is mainly because the bank refers the deal to a different department to analyse and determine risk.

When you apply for financing, each bank does a credit check to look at your credit score. Conducting many credit checks in short succession lowers your credit score. Other than this, there is no reason not to try again in the near future.

The Shares letter and Share certificate If your company has more than one director standing surety for the new bond, the bank will request an auditors letter showing the share percentage split of the company. This can also be done in the form of share certificates, showing who or which entity owns the official shares of the company. Sometimes, especially investors, set-up complex holding schemes that the banks might require clarity on. This is why it is a minimum requirement for the banks if there is more than one director. For example, an investor has a trust that owns 100% share in the company which is now buying a property. The investor and his wife are directors of the company. Who is liable for the bond repayments? The directors will be first-line surety for the repayments of the companies new property. The bank will, however, request all information regarding the trust as well as for the company, because the trust owns the shares in the company. This is the due diligence the bank follows.

The auditors letter of income This is a document that can be requested from your auditor preferably the same auditor that set up your AFS (annual financial statements). The letter indicates your personal income from your business. This is a minimum requirement document, even if you generate payslips. It is very important to note that the amount declared by the auditor must be shown on the AFS as well as on the bank statements. The bank MUST be able to reconcile the amounts declared. For example, if the auditors letter states you receive R50'000.00 per month, but the AFS indicates an annual salary of only R240'000.00 per annum (R20'000.00 per month), the bank will work on the lower amount or request additional information to clarify.

The annual financial statements and management accounts When you are self employed the banks require that you provide them with at least 18 to 24 months worth of annual financial statements (AFS). The AFS outlays all your income, expenditure, assets, liabilities and cashflow your business has. It indicates how much you pay yourself from the business and it is VITALLY important that you indicate the 'director' salary on the AFS in order for the bank to be able to reconcile that amount with the auditor letter and bank statements. The management accounts are 'interim' financial statements, dating no older than 3 months. The management accounts will show the financial status of the current year. It is worth noting that the AFS & Management accounts are required for any type of self employed entity, whether sole proprietor, partnership or PTY LTD.

The Letter of non-trading Where a company has been established very recently, for the sole purpose of buying property, it will be required to get a 'letter of non-trading' from an auditor. The letter will declare the company as non-trading, if that is the case, forgoing the banks requirement for financial statements and management accounts.

The Company Resolution A company resolution is an official document stating agreement between all directors of a legal entity to do something specific. If a company is buying a property, the directors will be standing surety for the bond repayments. As such, the directors of the company, if more than one, has to set up a resolution stating that they agree that their company can purchase the property in question..

The Incorporation Letter The incorporation letter or the COR 14.3 for PTY LTD (Private companies) are required when an applicant is buying into a company OR is self-employed and is operating out of a company.