From independent advice to better interest rates, using a bond originator as your personal home loan consultant comes with some major benefits. A bond originator acts as an intermediary between the home loan applicant and the banks, assisting the applicant in compiling one set of paperwork, then submitting it to all the major banks.

Banks are guided by the National Credit Act in the granting of credit to applicants, so an impaired credit rating of any of the joint applicants can affect the outcome.

A common method which banks utilise for predicting credit risk is through their credit scorecard.

I have a poor credit score because of wrong decisions made in the past. In the meantime, I got a job that pays above the average and want to apply for a home loan. Would I qualify and what advice do you have? Answer: Banks require a clean credit record before they will consider.

Usually, home loan applications are approved in principle within a couple of days, as long as all of the necessary documentation has been sent to us. MHG Home Loans offer other resources to give you a greater insight before filling out a home loan application.

Yes, if you are a SA resident working abroad, an 80% mortgage bond can be secured. Most banks will look at granting up to an 80% loan but each application is reviewed on individual merit. Certain clients have been granted 100% finance, in exceptional circumstances. You must only be living abroad temporarily and must have.

Certain banks do impose mandatory bond insurance for applications that are approved for clients whose total gross salaries are less than a set amount. Certain banks also impose compulsory life cover where either the registered bond amount or the purchase price of the property are less than a set amount.