How much money can you loan?
This amount will be calculated based on your monthly household income, as well as your existing credit commitments, such as credit cards and pre-existing loans.
On a new home loan, there are additional costs you can expect such as Registration, Transfer and Purchase price deposits.
In addition to the previous costs, there are other financial obligations to be aware of:
Do you qualify for a home loan?
The BetterLife Home Loans pre-qualification process will give you an indication on whether you qualify for a loan or not.
Find your dream home
Consider location, home features (number of rooms etc.) and asking price.
Use the bond repayment calculator to see how much your monthly bond repayment could be.
Put in an offer on the home
Research how much similar houses cost in that area before putting in an Offer to Purchase.
Consult an attorney or your estate agent about drawing up the Offer to Purchase Document. Use the transfer and bond calculator to see how much your transfer fees and monthly bond repayments might be.
Sign the Offer to Purchase Document.
Secure your home loan
The bank will either approve or decline your home loan – BetterLife Home Loans will track and advise you on your application. Confirmation is either approved or declined within 5 working days of the application being submitted.
The bank will give you a final grant once they’ve evaluated the property.
The bond amount granted by the bank might be lower than you expected. Fortunately, we can assist by providing you with a personal loan through Direct Axis (not with the banks).
What happens now?
This is where things get a bit more intricate. Now that you are happy with the quote and you have accepted it, we then proceed with registering the bond with the SA Deeds Registrar on your behalf. This is approximately a 3 month process that is dependant on external factors such as the Deeds Office, SARS and other mandatory clearance processes.
What you need to take note of prior to registration of your bond.
We can also assess your short-term insurance needs and supply you with a comprehensive quote through our BetterLife insurance portfolio.
Managing your home loan:
Now that your bond is registered, we would like to help you manage your home loan by bringing some important matters to your attention.
- Amending your Short-term insurance policies
- Provision for the property deposit or Attorney fees
- Conveyancing process (after grant)
- Rates & Taxes Accounts