Ask our advice!

Here are a few frequently asked questions and answers

How do I clear my name from the credit bureau in South Africa?

  • To clear your name from the credit bureau in South Africa, you need to settle all outstanding debts and get a clearance certificate from the credit provider. You can also request a credit bureau to remove inaccurate or outdated information from your credit report.

How long does it take to clear your name from the credit bureau in South Africa?

  • The time it takes to clear your name from the credit bureau in South Africa depends on the complexity of your case and the credit provider’s response time. It can take anywhere from a few weeks to several months.

What is the current prime lending rate in South Africa?

  • The current prime lending rate in South Africa is 7.0%.

Can a buyer or seller cancel an offer to purchase?

  • A buyer or seller can cancel an offer to purchase if certain conditions are met, such as a breach of contract or failure to meet certain requirements.

Will my bad credit affect my husband buying a house?

  • Your bad credit may affect your husband’s ability to get a home loan or may result in a higher interest rate or stricter loan terms.

Would I qualify for a home loan if I have a poor credit score?

  • If you have a poor credit score, you may still qualify for a home loan, but you may face higher interest rates or stricter loan terms.

How much home loan do I qualify for?

  • The amount of home loan you qualify for depends on factors such as your income, credit score, and debt-to-income ratio. You can use online calculators or speak to a lender to get an estimate.

Who pays transfer fees when buying a property?

  • In South Africa, the buyer usually pays the transfer fees when buying a property.

What is the current prime interest rate in South Africa?

  • The current prime interest rate in South Africa is 7.0%.

How much are transfer fees when buying a house?

  • Transfer fees when buying a house in South Africa vary based on the purchase price of the property and other factors. You can use online calculators or speak to a conveyancer to get an estimate.

What does no transfer duty mean?

  • “No transfer duty” means that the buyer of a property does not have to pay the transfer duty tax, which is a tax on the transfer of property ownership.

Does pre-approval affect your credit score?

  • A pre-approval for a home loan may result in a soft inquiry on your credit report, which does not affect your credit score.

What credit score is needed to buy a house in South Africa?

  • The credit score needed to buy a house in South Africa depends on the lender’s requirements, but generally a score above 600 is considered good.

When do you pay bond registration fees?

  • Bond registration fees are typically paid when the property registration is complete and the transfer has been registered in the buyer’s name.

How to become a bond originator in South Africa

  • To become a bond originator in South Africa, you need to obtain a bond originator qualification and register with the National Credit Regulator (NCR).

Can I cancel a bond before registration?

  • Yes, you can cancel a bond before registration, but you may face penalties or fees depending on the circumstances.

Can you get a home loan for more than the purchase price for renovations?

  • It is possible to get a home loan for more than the purchase price of a property to finance renovations or repairs, but the amount you can borrow depends on the lender’s criteria.

Can I borrow against my house to buy another house?

  • Yes, you can use the equity in your house to borrow money to buy another house, but you will need to qualify for the new mortgage based on your income and creditworthiness.

For any other queries contact us!

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