Home Owners – Qualifying Criteria

Home Owners! See if you can qualify!

To Qualify as a Home Owner for a further, second bond or 3rd bond at one of the four major banks or SA Home Loans, you will need to meet the following criteria:

  1. Must be a registered Home Owner
  2. Must be permanently employed for at least 3 Months
  3. Must have a valid bank account where your salary is paid into
  4. Must have a clear credit record – we cannot assist blacklisted clients
  5. Should not be under debt review/admin/sequestrated
  6. Must receive enough income to service the new loan
  7. Must have enough equity in your property to be used as security
  8. Should not be in arrears on any accounts (The banks will require proof that any accounts in arrears have been brought up to date first)
  9. Should not have returned debit orders on your bank statements (If you do have a valid reason, then we can still motivate it at the banks)
  10. Your total household expenses should not exceed your Income. (In some cases we might be able to assist you still, by motivating your application at the banks)

The above criteria is a general guideline on what the banks look for in an application from  a home owner for a further, second bond or 3rd bond. Loans on Homes negotiate with the banks if there are any issues concerning your application and motivate your application where needed, to allow the banks to look at your application in a different perspective.

We have been in the mortgage loan industry a long time and we know exactly what the banks want and what they don’t need to know! No application are similar to the next, and we evaluate each application individually before we submit it, to improve your chances in getting your second bond approved!