Bond originator


Posted by: | 2014/10/17 11:31

I would like to know if I would be able to get a bond again after being rehabilitated.

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

expert answer

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 your record.

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.

Fin24 cannot be held liable for any decisions made based on the advice given by independent experts, and disclaims all responsibility or liability for any damages whatsoever resulting from the use of the site

user comments

Posted by: Robert | 2019/05/20 14:15
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Posted by: Benjamin | 2019/01/02 07:49
Hi, if I may kindly ask; is it possible for one to get two Home Loans at the same time? I have recently started working and would like to build a house for my dad but at the same time would like to purchase a house for myself. I was wondering if there is any possible way to kill these two with one stone as I believe that it will take long for me to qualify for the second loan if I only focus on one first. Please advise on the best possible approach for this. My income before deductions is R25 000, about R18 000 after deductions with roughly R9000 of monthly expenses. Looking forward to you favourable response.
Reply to Benjamin
Posted by: Refilwe Gift Tshia, 0847657385 | 2014/10/31 12:37
I was voluntary sequestrated 8 years ago and am now in the process of being declared solvent. This was due to my husband, having lost his work, again I applied for rescindment of all my judgements and in the past year(2012) in November I was granted a Loan of more than R100,000.00 by African Bank, and has never defaulted in paying. I recently approached my Bank for financing of a vehicle and was declined on the basis of the insolvency, of my husband even though I provided proof of rescindments. What can I do to ensure that my Bank considers my applications, as I continuously get generic SMS that I qualify for offers by the Bank, yet when I wanted to access such offers I get declined
Reply to Refilwe Gift Tshia, 0847657385
Posted by: Anonymous | 2019/02/14 10:16
was your loan approved whilst u were still being rehabilitated?
Posted by: Anonymous | 2014/10/22 19:46
I am a consultant and working as an Expat. I am working on a contract basis and therefore don't have a Pay sheet. Will I ever be able to obtain a bond for a property?
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