Posted by: | 2014/10/17 11:31
I was voluntary sequestrated 6 years ago and am now in the process of being declared solvent. I have not had any unpaids on my bank account and have also paid my rent on time and in full every month for the last 6 years. I would like to buy a property towards the end of 2015 and will have the 8% deposit.
What can I do to get the banks to approve my bond
Posted by: Bradd Bendall | 2014/10/20 14:38
One of the biggest considerations when applying for a home loan is one's credit record. Earlier this year a
Credit Amnesty was announced by the Department of Trade and Industry and this came into effect on 1 June. The regulation requires credit bureaus to
remove all information on their credit record relating to paid-up judgements
and adverse notations about consumers by 1 June. This is good news as, if you
went through a difficult financial patch, but have subsequently settled all of
your outstanding accounts, your credit record will no longer be affected. The
credit amnesty also requires any future paid-up judgements to be removed from
Once you are legally solvent again, I recommend that you take advantage of the one free credit check to which you are entitled, per year, to check your credit record and ensure that it's clean before applying for a home loan. Having a deposit available will also significantly improve your chances of bond approval and I recommend that you get prequalified, for free, through ooba to help you understand what size bond you can afford.
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