Bond Buddy

• Home loans up to R10,000,000
• Low-interest starting from 8%
• Repayment up to 30 years

Table of Contents

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Bond Buddy - The easiest way to get a home loan

They will make the purchasing process as easy as possible for you.

Step 1 - application

The first step to making your dream home a reality is to start the online loan application process.

It is advisable to start the application process before you start looking for a home so you can look for a home within your budget range. You can use the easy application form on their website to apply.

If you have already found your dream home, you will need to submit a purchase offer to the seller. If the seller accepts your offer, they will need to sign the purchase offer (contact them before you sign so that they can help make sure you are given the best deal possible and warn you of any pitfalls) once they have settled on a purchase offer, they will be able to provide you with discounted rates on your bond transfer costs.

Step 2 - consultation

The next step will be to arrange a consultation with one of their experts who will then discuss your application. You will need to provide all the necessary information that the banks may require.

Step 3 – supporting documentation

The consultant will ask you for any relevant supporting documentation that you will need to submit to the bank.

Step 4 – submit your application to the bank

Once they have checked all of our supporting documentation, they will help you submit the documents to the bank for urgent processing.

Step 5 – lending decision (letter of acceptance)

Once you have applied to the bank, they will then review your application and make a decision based on your affordability. They will access your credit profile and if you are determined low risk, your application will be approved.

Once your application has been approved, you will be issued a letter of acceptance. This letter will include a quotation of the finance they are willing to offer. It will provide the agreed-upon interest rate, repayment terms and monthly instalment amounts as well as any other relevant important information. Once you have reviewed this letter you will be asked to accept it.

Step 6 – conveyance

Once you have signed the letter of acceptance an attorney will be appointed by the bank to handle the bond registration process. You must then sign the registration documents.

Step 7 – uploading documents

The attorney will then lodge the bond documents at the deeds office and transfer the property accordingly. You will also be asked to handle all the other relevant paperwork where applicable.

If relevant you may be asked to pay a deposit to the transferring attorney who will then hold these funds in a trust until the property is legally transferred into your name. You will be required to pay transfer duties – this is the compulsory government tax to pay the receiver of revenue. This is normally the highest cost in the purchasing process.

Step 8 – registration of property

Once the lodgment has taken place the registration of the property will be completed within 7 to 10 working days. The bank will then charge you a bond registration fee, which is calculated based on the amount of your home loan (this amount includes stamp duty) the attorney will use this money to register the property and pay the receiver of revenue.

Step 9 – move in and enjoy your new home

Once all the relevant fees have been paid and the home is officially yours, you will be able to move in and enjoy your new dream home.