Affordable Home Loans – New Guidelines May 2015

Some banks opened up their income criteria for dual home loan applications – which means that more home buyers will be able to qualify for home loans.

 

Rent2buy – How to find your own Rent2buy property

It is always a difficult task to find a rent2buy property – but if you know how to go about (if there is no existing rent2buy stock in your area), we can give you some insider tips to find your own Rent2buy property:

FIND YOUR OWN RENT2BUY PROPERTY

We suggest that you go and identify any property that you want to buy – ask the agent if it is rented out – or if the owners lives in the property.

You them make an offer, subject to a 100 % home loan, and submit it to the bank for a home loan.

If the home loan is declined, you refer it back to us to assist to negotiate to rent2buy.

You are welcome to send us the Offer to Purchase to us before is it is submitted to the owner/seller – just to make sure that the document is completed correctly.

We strongly recommend that you first establish your affordability – do the online test through our website www.mybondfitness.co.za

As a matter of fact – over the past 5 years – most of the Rent2buy transactions came from clients who sourced their own Rent2buy properties and then brought it to us – to assist with the negotiations.

We just concluded a R2,7 million rand Rent2buy deal – on such a structure and many transactions from R299 000 and upwards.

 HOW MUCH CAN YOU AFFORD?

You may perhaps want to start to work out your rent2buy affordability and rent2buy time line – we can assist with such –

It includes, your:

• Credit profile
• Rent2buy affordability
• Rent2buy time line

You can do it online – if you have internet banking the it is 100 % FREE

Log into www.mybondfitness.co.za and follow the steps.

MANUAL WAY

We can also do the manual way and the fee is R570.00 or R670.00 for a couple. Contact Juanita – admin@irent2buy.co.za

RENT2BUY INFORMATION

Rent2buy received wide recognition in South Africa and we already have a structured manner in how to “save towards a deposit” with the Rent2buy concept.

Meyer de Waal, who developed and fine-tuned the rent2buy concept was recently interviewed by Fin24. To follow the interview click here

The media cover includes:

• Private Property CLICK HERE
• Real Estate Investor Magazine – REIM CLICK HERE
• Property 24 CLICK HERE or HERE
• The Mortgage Magazine CLICK HERE
• To read more about the Rent2buy Concept CLICK HERE and to view the F A Q CLICK HERE

Contact Meyer de Waal for more information

021- 461 0065

meyer@irent2by.co.za

 

Is your credit profile costing you?

Cape Town – All credit-active South Africans have a credit profile. Find out more about credit profiles, what your credit profile is used for, why blacklisting is a myth and how you can keep your credit profile clean, says Capitec.

What is your credit profile?

In the same way that your CV tells a potential employer something about your career history and whether you have the right skills to do the job, your credit profile gives banks, businesses and certain individuals a picture of your financial history.

It is used to determine whether you’ll be a safe future prospect for credit, a reliable tenant or even the right person for a job.   Why do you need a credit report?

A credit report is the information obtained from your credit profile that businesses use to gain insight into your money habits and history, which then helps them make a decision about whether they should lend you money or allow you to buy an item on credit.

It’s not just banks or shops that have an interest in your credit history – landlords, employers and insurers can also check your credit profile to see whether you have a history of paying debt on time.

In the case of insurers, your credit profile can be used to determine how risky you are as a client – and this can affect the premiums you are charged.

A good credit profile can sometimes help you negotiate better interest rates when borrowing from banks.

If you’re wondering, credit bureaus only provide information that is allowed by the National Credit Act. Information such as your race and medical history are not included on these reports.

The blacklist myth

Credit bureaus do not keep a special “blacklist” of individuals who do not pay their bills or are too risky to grant credit to. If you manage your debt well – make the required payments on time, or pay debt off early – it will be recorded. If you’re not so good with your debt, and miss payments or ignore warning letters, it will also be indicated on your credit record.

Negative payment behaviour – such as late payments or non-payments – can stay on your credit report for 24 months. Court information such as a judgments against you can remain on your report for up to 5 years, or until you pay off the outstanding amount in full.

Your credit report includes a score based on your credit history. The higher your score, the better your credit profile, and the lower your risk of defaulting on an account or loan would be. Credit providers use this 3-digit number to get an idea of how risky it is to grant you credit.

Here are some tips to help you keep a clean credit profile:

– Pay the full instalment amount on time every month;

– Budget – never buy on credit without knowing if you can afford the monthly instalments;

– Never ignore a letter of demand for payment. Make a phone call or write a letter to explain your situation;

– If you are unable to make a payment due to unforeseen circumstances, talk to the credit provider concerned and make alternative arrangements to pay back what you owe;

– Pay your instalment even if you don’t get statement. If you’re not sure about the amount you can always call to find out;

– Monitor your credit profile. You can request one free credit report per year from a credit bureau (see http://www.mycreditcheck.co.za or http://www.mytransunion.co.za) Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.