Streamline your bond application: Essential documents and Expert advice
Navigating the bond application process can seem daunting, but with the right approach and documentation in order, it can be a smoother journey. Bradd Bendall, BetterBond CEO (interim), shares valuable insights to help applicants streamline their applications and improve their chances of success.
One common misconception is that applying for a bond involves mountains of paperwork. However, working with a bond originator like BetterBond offers a convenient solution. Applicants can submit their paperwork online at their convenience, saving time and hassle. BetterBond handles the submission to multiple banks on behalf of applicants, using a single set of information provided.
Before diving into the application process, Bendall recommends applying for pre-approval, which can be done online at no cost. Pre-approvalinvolves submitting the same documents required for a bond application, minus the signed offer to purchase. This preliminary step provides insight into one's creditworthiness and offers a clear indication of the loan amount banks may be willing to offer.
For employed individuals, the required documents include a completed application form, offer to purchase, copy of ID (front and back), payslips, bank statements, and employment contract if applicable. Self-employed applicants need to ensure their tax and financial affairs are in order and provide additional documentation such as audited financials, bank statements, and a personal statement of income and expenses.
Temporary residents and South African citizens living overseas face specific requirements, including copies of passports, work permits or visas, and signed employment contracts. Buyers applying as a close corporation or trust must include relevant documents such as the trust deed, financial statements, and company registration documents.
Bendall emphasizes the importance of preparation and financial responsibility. Having funds for a deposit and maintaining a good credit rating can significantly enhance one's chances of securing a bond. Additionally, seeking guidance from expert home loan consultants can provide valuable assistance throughout the process.
In conclusion, by organizing necessary documents, maintaining financial diligence, and seeking expert advice, applicants can navigate the bond application process with confidence and efficiency.
