Okay, you’ve found your home, love it, and you’ve signed the Offer to Purchase. Now’s it’s bond-time!
Firstly, shop around for the deal that suits you. You can go to your Bank. They know you and they know your financial history. Or you can apply via a mortgage originator who, at a cost, will get you ‘the best deal’ by covering all the banks with one application. Once you’ve decided which way is the best way, you must present the following:
- Proof of income
- Copy of your South African passport or ID
- Copy of the signed Offer to Purchase
- Proof of current address
- Official salary slip or stamped bank statement (both must reflect the past 3 months).
To qualify for a bond, you must;
- Be over 21 years of age
- Be employed permanently for at least 6 months
- Have no judgements or defaults on your credit profile
- Earn more than the minimum as set out by your chosen bank
Good luck and enjoy your new home!
