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Getting a bond approved made easy

Work on getting your credit record in order!

Get rid of as much debt as possible, and make sure that all payments are made in full on or before the due date. Tenants should keep in mind that their rental payments may also influence their credit rating - pay in full and pay on time!  Contact TransUnion ITC or Experian to obtain a free annual credit report - check their webpages. Those who have defaulted should contact their creditors and seek to make payment arrangements over an agreed period of time.

Play your cards right to get the best possible credit score.

No one other than the mathematicians who work for the credit  bureaus knows exactly how a credit score is determined. That is because this is their intellectual property.  We do, however, know some of the factors that drive the determination of this score, like judgements and payment profiles. According to Chris Harrison of SA Homeloans lesser known factors influencing  credit scores are:

Even spread of credit:
A bureau prefers a normal spread of credit, so, for example, 1 car loan, 1 mortgage loan, 1 credit card and 1 store card is far more preferable to 1 car loan, 3 credit cards and 3 personal loans. The former represents a sensible approach to credit and will get rewarded by the bureau.

Extent of credit used:
If, for example, you have a credit card with a limit of R20 000,  but an outstanding balance of R2 000, this is preferable to someone who has a limit of R20 000 and an outstanding balance of R18 000. If you do not utilise the maximum credit  you stand a better chance to recover if something goes wrong.

Types of credit:
A mortgage loan scores better than a store card. Firstly a mortgage loan is asset backed and secondly it is a long-term financing decision that is seen as a normal event. The presence of a store card with a large balance could indicate a cash-flow problem.

Budget, budget, budget!

Put some money aside every month towards a deposit - 100% bonds are still scarce. The banks will like the idea that you were in a position to save some money towards a deposit. Remember that the banks’ lending criteria have become far stricter. Banks look at income and expenditure and, generally speaking, will only grant finance of between 30% to 40% on the remaining income after deductions. So cut on the expenditure now! Reduce unnecessary spending and think twice before opening new accounts. Or get a second regular income that reflects on at least 3 months' bank statements.

Make sure that your tax matters are in order.

If you owe the Receiver money, or did not submit income tax returns, it will cause a problem when the transfer duty receipt has to be issued. It does not help if you get a bond, but the sale cannot be registered because of your negligence with your taxes.

Get all the paper work ready before submitting an offer.

If you work  for a salary, you will need to provide bank statements for 3 to 6 months, as well as salary slips for the same period. Make sure that your salary is paid into your bank account every month, and that all other regular income reflects in the account too. If you are self-employed, ensure that up-to-date financials are available. 


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