Getting a bond in South Africa
Analysts have reported that obtaining a bond especially for affordable housing has become easier, Bond originator ooba has seen significant growth in applications and approvals. This is a positive result and good news for first time buyers. As much as it may be a bad thing to obtain debt easily it could also help the South African property market pick up towards the end of the year.

What Properties are selling?

Banks are also looking to have a stake in the affordable housing market, Standard Bank have reported that growth in the affordable market have grown exponentially. The housing market has taken a nose dive since 2007 with expenvie homes becoming much harder to sell causing large scale contraction in that market.

Properties priced between R.280,000 and R.700,000 have seen 6% growth, there is however a larger rate of rejections due to the national credit Act but this has not created as much turmoil as one might think. The Act has also protected consumers from unscrupulous lenders.

What banks are financing

So what are the banks lending criteria when assessing home loan applications, the overall goal is to check client affordability and credit worthiness. The following criteria and a few others are generally used.

-Current Income (How much do you earn)
-Payment behaviour (Do you always pay your debts)
-Do you have a credit history (Your past and what you have borrowed and repayed)
-Total Disposable Income (Total you have left to live on and spend)
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