Applying for a Mortgage Bond to purchase your dream home does not have to be a cumbersome process. Experienced Bond Originator Consultants will assist you, the purchaser/s, and negotiate interest rates as well as bond repayment terms on your behalf. It often happens that your own bank not always offers the best annual interest rate on your mortgage loan and the bond originator consultant then negotiates the best deal on your behalf.
Documents needed for Bond Applications with Financial Institutions (Banks / SAHL): • ID Copy/Copies of all purchasers (Both sides if ID Card) • Proof of residential address (Tshwane electricity/rates account / Cell phone account with residential address printed thereon / SARS Statement of Account indicating relevant residential address / Rental contract) • 3 Months’ bank statements of all parties / buyers – NOT Internet Statements – must have bank stamp indicated thereon • 3 Months’ salary slips of all parties / buyers or proof of income • Commission earners or persons with variable salaries need to provide 6 months’ bank statements & salary slips / proof of income. • Business Owners need to provide 6 months’ bank statements (buyers & company) & salary slips / proof of income, latest financial statements of business (and Income Statements if financial statements are older than 6 months), business registration documents (CK2 / COR 14.3), proof of business address & IT34A. • Bond Application Form completed and signed by all parties / buyers, indicating all household expenses, existing loans included, as well as all assets & liabilities. • Employment letter / contract per requirement from financial institutions (buyer is an independent contractor / recently changed employment, etc)
Persons married in community of property must apply for a joint bond. This is also applicable to traditional and foreign marriages.
Transfer and Bond Registration Costs may NOT be included in the property’s selling price. Purchasers may however apply for a higher bond, clearly indicating that costs are included in the bond amount applied for. Selected banks will allow first time buyers and buyers with a good credit scoring a bond exceeding 100% of the purchase price in order to cover a portion of the transfer and bond registration costs.
Some Factors that might influence the approval and / or interest rate of a mortgage bond: • Purchaser’s credit scoring (factors which negatively influence a person’s credit scoring are judgements, irregular payments on existing loans, accounts in arrears, over extended credit, debt counselling, insolvency) • Period of Purchaser’s Employment / Purchaser’s Employment record • Purchaser’s affordability / existing liabilities exceed his assets • Expected interest rate hikes – prime lending bases points expected to be raised in foreseeable future • Risk to financial institution – area in which property is situated / condition of property / existing commitment ratio in a complex or estate / neighbourhood crime statistics • Financial Institution’s annual credit target achievement
For a bond pre-approval which creates a pre-approval certificate, complete an online application: https://greendoorhomeloans.co.za/pre-qualification/ Select Annamari Taylor-Skinner as the Bond Consultant and enter the name of your Property Practitioner (if applicable)
Liane Ellis 082-580-1338 www.ellisrealestate.co.za www.ellisrealestateblogs.com www.elardus-park.co.za Refer a friend and earn referral commission on the successful sale of his/her property. T’s & C’s Apply