Pre-approval actually speeds up the homebuying process: it gives you an accurate measure of your purchasing power, so you can narrow down your hunt to the properties you can actually afford to buy. And this will also prevent you from buying way beyond your budget, pushing you into unmanageable debt.
Yes, all the major banks are offering 100% loans, subject to certain qualifying criteria being met.
While not an absolute guarantee, 85% of all home loan applications with a pre-approved certificate are approved.
A thorough analysis of your credit history, including your credit score which is determined by the frequency of payments of your retail accounts.
No. Our credit check is free and leaves no footprint
Yes and no. You don't need to have an offer to purchase or agreement of sale in order to pre-approve, but you do need one to apply for a home loan. Our pre-approval service allows you to understand what you can afford so you can shop around with confidence. We’ll verify and vet your income and expenses and issue you with a certificate that lets you know exactly how much you can afford. Once you’ve found that dream home, you simply sign the offer to purchase and send it through to us. One of our bond experts will help you through the entire homebuying journey. With just a single application form and some supporting documents, your personal BetterBond consultant will submit your application to multiple banks, including your own, they’ll negotiate the best terms, and present you with all the options. You can then compare offers and make an informed decision, based on what works best for you.
The income you earn and the expenses you incur will determine the loan you qualify for. Banks calculate your score using your total salary package, before deductions and excluding benefits, like medical aid. Some banks may include housing and travel allowances. As a benchmark, we suggest that your minimum single or joint gross household income should be no less than R10,000 per month.
It’s really up to you! You can request that your life policy kicks in when your bond is registered, or you can start sooner. But we always recommend that you start your policy sooner. Why? Well, to be honest, if anything had to happen to you before the registration of your dream home, at least your family will still have the opportunity to continue with that dream. At BetterSure, we want to make sure your insurance policy protects your loved ones for the better, when life takes a turn for the worse.
Upfront costs relate to the bank’s initiation fee, the transfer cost, transfer duty, deeds office levy, postage, petties and other application fees applicable.
PMI is typically required when the down payment is less than 20% of the home's purchase price. It protects the lender in case the borrower defaults on the loan. Many mortgages allow for early repayment without penalties.
Any questions?
Need help buying a property? Contact us or find answers to common questions about affordability, bonds, and the property buying process.
