How can we help you finance?

Buying a home is admin-intensive and we’ll make sure you know exactly what documents are required and when to make the deal happen for you.

Your ‘Approval in Principal’ (or AIP as it’s referred to) is already complete. All we need from you now is the following documentation:
• Copy of Passport to Purchase
• Copy of your Offer to Purchase

Should you not already have a Passport to Purchase, the following tips will help you!

TIP 1
For salary earners, a salary slip will usually be sufficient proof of income. If you are self-employed, three years of comparable financial statements as well as six months’ bank statement or income statement signed by your accountant may be required.

TIP 2
When married in community of property, a joint application will be required when applying for a loan.

TIP 3
A completed application will usually take a few days to process.

The ‘BIG 3’ assessment factors

Affordability, credit worthiness and property value come into play when we assess your application.
What’s included in a Passport to Purchase?

1. Affordability
At this stage, we undertake a comprehensive assessment to determine if the loan you apply for is affordable to you. Your credit history will be put under the spotlight and details of your current credit facilities will be sourced from a credit bureau. This way we can independently verify the instalment amounts for credit cards, vehicle repayments, cellphone contracts and other facilities in your name. It’s a step that has your best interests at heart. We do what we can to ensure you only take on debt you can afford. Never be untruthful about your income or expenditure as it can lead to your application being rejected.

2. Credit worthiness
A good credit history counts in your favour when applying for your home loan. Credit bureaus do not only list defaults or judgments against you but also keep record of good conduct on your accounts. If your conduct shows you to be a good risk client, you may be offered a preferential interest rate. This can save you a substantial amount of money over the life of your home loan. Your application could be rejected if you are considered a high risk client based on your credit history.

3. Property valuation
It is the norm for the bank to conduct a valuation on the home you intend to purchase. This is to make sure the property offers sufficient security for the loan you request and is of the type the bank normally finances. The bank may require you to pay a deposit on
certain properties.