GOT YOUR HOME, NOW GET A BOND! - Balwin Developments

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!