We would like to provide our clients with the best information and service possible. If your home loan questions is not displayed below, then feel free to contact a home loan consultant to assist you directly!
Q. Why should I use your services, why can’t I just go directly to my bank and apply?
A. Good question! Most clients have tried to get a further or second bond on their property, by applying directly, but failed miserably and then approach us for assistance. We give expert advice and keep our clients updated on every stage of the application (which you won’t find at any bank!). We have a 85% success rate and our consultants have been in the property industry for a minimum of 3 years!
Q. How long does it take before I will hear is my application has been approved?
A. We normally receive a final approval between 7 and 14 working days if the application is not delayed by additional documents required or backlogs from the banks side. We also had final approvals within 3 working days from date of submission!
Q. Can I apply if I’m blacklisted or under debt review?
A. Unfortunately, we are not allowed to assist clients in obtaining a further or second bond if they are blacklisted or under debt review. We can however assist blacklisted clients with personal loans. See our personal loans page to get more information on how to apply.
Q. If I’m married in community of property, should we both apply for the loan?
A. Yes, when you are married in community of property or when the property is registered in both your names, then we would need both applicants to apply.
Q. How will I know which supporting documentation to send to you?
A. You can have a look at our supporting documentation page, or a consultant will inform you as soon as you’ve submitted your Pre Approval or Application Form.
Q. Can I apply if I my current bond is in arrears?
A. No, the banks and SA Home Loans all require that your bond be paid up to date.
Q. Can you assist Self Employed clients as well?
A. Yes in most cases we can, although it’s a far more difficult task in getting the loan approved, as the financial institutions are considering Self Employed clients as a high risk.
Q. How long must I have the property before I can apply for a second or further bond?
A. In most cases, the financial institutions require that your bond be paid for a full year, before applying again. In cases where a substantial deposit has been paid when you purchased the property, we will determine the equity in the property first and inform you for what amount you can apply for.
Q. Will this application affect my credit profile at all?
A. Not at all, as this application isn’t like debt review
Q. Will Best Home Loans take my bond over?
A. No, we won’t take your bond over. Your bond will stay at one of the financial institutions who is willing to approve the loan. Your repayment will go directly to that specific institution.
Q. Up to what age can you assist clients?
A. We can assist clients up to the age of 65 years. In some cases the financial institutions will still accept the application if the client is over the maximum age, provided that the property is not bonded and that the client agrees to repay the loan in a shorter period.
Q. What is the loan period for the loan and the interest rate?
A. The normal loan term is over a period of 20 years, but might be up to 30 years or shorter, depending on the client’s individual criteria. The interest rate will be determined by the financial institution according to each client’s individual credit profile and scoring. The normal range vary from 7% to 10%.