Bond loans for South Africans are highly dependent on the risk that you present to a financier. Many people cannot afford to simply buy a house for cash – most people require some sort of finance to ensure that they can create the home of their dreams. This is not always easy and for many South Africans it isn’t a possibility that is likely to happen in their lifetime. Property is notoriously expensive, especially post recession where interest rates have skyrocketed. It is the time that people need to borrow money which means that banks are quite selective about who they fund and how much funding they provide. If you are interested in getting a bond loan there are several things you need.
Firstly, you’ll need a job if you are to qualify for bond loans in South Africa. This may sound obvious, but in these uncertain financial times sometimes we take all the chances we can get. The job is your banks guarantee that a portion of your income will move over to them every month without fail. In fact, it is their way of ensuring that their calculator was right when it said that you were worth lending money to. If you need to borrow money you will also need a credit record or credit history. This is an indication to your lending institution that you are not at risk of buying your property and then running away from the debt you accrued as a result of that. It is a tricky business and banks must cover themselves too.
If you need to borrow money, or simply need advice on how to finance your home, the bank is a wealth of information. Simply approach one of their advisors and allow them to use their rates calculator to determine what your repayments will look like and how soon they will be able to provide bond loans for people looking to buy a house or property.