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If you’re unsure about all this home loan talk, here are the answers to your home loan questions:
Lesson 01
What makes for a good home loan?

The interest rate at which a home loan is granted affects the monthly instalments (repayments) and consequently determines whether it is “good”. But, certainly, the lower the interest rate is, the better it is.

Unless you opt for a fixed interest rate (which is generally more expensive and a rarity in South Africa), the interest rate granted on your home loan is usually linked to the prime interest rate.

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What does prime interest rate mean?
The prime interest rate is the interest rate commercial banks charge their customers (currently it is 11.75% and is influenced by the Reserve Bank) i.e. "at prime", "prime plus 0.5%", "prime minus 0.5%".
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Will my credit track record influence my credit rating?
Yes - definitely. For example, if you miss a few payments for your phone or car it will decrease your credit score.
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What other factors will influence if I get a bond or not?
If you have a judgment or default against you, you will not be able to get a bond because, for legal reasons, the banks are not allowed to go into a contract with you. If you can’t show proof of employment, the banks also can’t give you a bond.
Lesson 02
How do I know what I can afford?

There are a few options available to you, such as our super easy-to-use calculators (that help you calculate your interest and repayments) or if you’re looking for something more official, you can contact us for a free prequalification certificate. This document will be helpful to show to the seller of your dream home that you are good for the money.

Lesson 03
Why use Bondspark?

Because you are smart and would like to save money.

Applying for a bond is a time-consuming and admin-intensive exercise. Bondspark manages the process on your behalf from start to finish and will keep you in the loop so that you can gauge the progress of your application.

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What is a bond originator?

Bond originators, like Bondspark, offer a bond application service through all the major South African banks. This service is free, with no obligation from the client. The originator’s task is to guide individuals with the process and to assist clients in obtaining the lowest possible home loan rate.

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Do I need to contact the bank myself?

No, we handle the process from start to finish. You don’t need to contact the banks directly, we do it all for you.

We’ll also keep you up to date and informed every step of the way.

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I have been prequalified for a home loan - why use Bondspark?

Prequalifying for a home loan is a useful indicator of your buying ability, but it does not guarantee actual approval of a home loan. However, a professional application accompanied by a signed offer to purchase will result in a more accurate indication of your buying power.

Let Bondspark submit these to the banks - they will have to compete against each other, which results in the most competitive rate for you. If you are already prequalified, you are still able to utilise our services.

Lesson 04
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Can I get a 100% home loan?

A 100% home loan is attainable as long as the client can afford the property and has an impeccable credit score and strong future earning potential.

A 100% home loan is very rare but not unheard of. To obtain one, you would have to have: an impeccable credit score, strong future earnings potential, and the bank will have to agree that the price you are paying for the property is spot on and the best deal you could get.

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What is in it for me if I go with Bondspark?

Savings - save time and money when you opt for bond origination.

Saving just R920 on your monthly repayments will save you approximately R222,595 over 20 years. So, it’s pretty impressive.

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It sounds too good to be true. How do you make money?
We generate business for the banks, which saves them money as they don't have to employ additional staff. In return, banks pay bond originators a referral fee for every home loan granted. This fee is consistent across all banks, and all banks are granted an equal opportunity to compete for your business.
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