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You are here: Home / Archives for bond

How to buy property as an unmarried couple

13 February 2019 By Alan Straton Leave a Comment

How to save on your bond

More and more couples today are choosing to delay a trip down the aisle in favour of getting a foot on the property ladder. Of course, buying a home as unmarried partners has a few complications, but it’s not as difficult as you might think – particularly if you’re smart about it! “These days, it’s incredibly common for people to co-own property with friends, family or romantic partners,” says Bill Rawson, Chairman of the Rawson Property Group. “It’s a great way to maximise your buying potential, share the responsibilities of maintenance, and lay a solid foundation for a future property portfolio.” Because it’s such a common occurrence, Rawson says most banks and bond originators are happy to assist unmarried couples (or other partnerships) in making joint bond applications and purchases. However, the only people who can really ensure your interests and investments are properly protected are you and your partner. Here are his tips on how to do exactly that. Don’t even think about skipping the contract “I always tell couples to think of joint property ownership as a business agreement,” says Rawson. “You’d never take a job or start a business without a contract in place, so don’t buy a property without one, either. It’s not about trust, or a lack thereof. It’s a plan of action in case life surprises you.” While Rawson says asking a lawyer to draw up a customised joint-ownership agreement is always the best option, there are downloadable contract templates available online that can be used as affordable alternatives. Just be sure you cover all the possible contingencies, including: How bond payments will be made How ownership and financial contributions will be apportioned How costs like insurance, maintenance, rates, taxes and home improvements will be split What happens if one partner fails to make their contributions What happens if one partner dies What happens if one person wants to move out or sell the property early Understand your liabilities Sadly, even the most iron-clad contract can’t protect you from all eventualities. According to Rawson, banks couldn’t care less what you and your partner have privately agreed on. As far as they’re concerned, if your name is on the bond, you’re responsible for the total bond amount – not just your share of it. “If one partner falls behind on payments, the bank can … [Read more...]

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Filed Under: Business Tagged With: bond, raison

What banks consider when assessing a home loan application

14 August 2018 By Alan Straton Leave a Comment

How to save on your bond

Most often, consumers rely on real estate agents or third parties to assist them with home loan applications. This results in them not fully understanding what banks consider when approving or declining an application. Mpho Ramatong, FNB Home Loans Division Channel Head, says first time home buyers can significantly improve their chances of qualifying by familiarising themselves with the common pitfalls that often lead to home loan applications being unsuccessful: Low credit score – this takes into account the historical management of your finances. Lenders want to know how well you pay your bills and creditors, amongst other financial commitments, to determine if you would be able to honour your monthly home loan instalments. “Before applying for a home loan, consider checking your credit profile and taking corrective measures if necessary. Consumers in South Africa have the right to get one free credit report, once a year, from a registered credit bureau,” advises Ramatong. Affordability – in some instances consumers opt for properties that far outweigh what they can reasonably afford with their monthly income. Moreover, banks want assurance that you would still be able to afford the home loan instalments once expenses have been deducted from your monthly income. “If affordability is an issue, a higher deposit, joint bond application with a spouse or family member, or property of a lower value should be considered,” says Ramatong. Getting a pre-approval ahead of a home loan application can help consumers determine if they qualify and whether a deposit will be required. Unsatisfactory property evaluation – it is essential that the bank assesses the property you intend to buy to unsure it is in good condition and that the purchase is not far off from its market value. Unstable monthly income – when applying for a home loan you will be required to produce your latest payslip and three months’ bank statement as lenders need assurance that you receive regular income. Self-employed individuals are required to produce a minimum of six months’ worth of financial records or bank statements. Incorrect declaration of expenses – in most cases applications get declined because expenses might have been duplicated. For example: if you have a credit card that you might be using to fill up for petrol and for groceries, you need not include the groceries … [Read more...]

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Filed Under: Business Tagged With: bond

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