How It Works
Step-by-Step Guide on the Bond Origination Process
Pre-Approval Stage
A thorough interview with the client is done to understand the client’s needs and establish their income source. This will be conducted to gather information on their financial situation, including income, expenses, and property goals.
We will request necessary supporting documentation (e.g., payslips, bank statements, proof of identification) based on the client’s income source. Thereafter perform a credit check and conduct an affordability assessment to ensure the client meets the criteria for bond approval.
If the client passes the initial vetting process, we will undertake a preliminary assessment of the client’s potential bond amount. and issue a pre-approval certificate.
Note: This certificate indicates that the client has been assessed and may qualify for a bond, but it is not a final bond approval.
Formal Bond Application Stage
Once the client’s Offer to Purchase (OTP) has been accepted and signed, we will proceed with the formal bond application to multiple banks to obtain competitive offers.
A home loan specialist will liaise with and negotiate with the banks to secure the most favourable terms for the client and present the best offer to the client for consideration.
Upon bond approval, we will submit the necessary documentation to the registering attorneys and they will handle the legal aspects of registering the bond with the Deeds Office to finalize the transaction.
Required Documents for Home Loan Application
- Latest 3 months’ payslips.
- If you have variable income (commission, allowances, overtime, etc.), provide the last 6 months’ payslips.
- Latest 3 months’ personal bank statements reflecting all income earned for a minimum of 3 consecutive months.
- Copy of your ID
Required Documents for Home Loan Application
- Letter from an accountant confirming monthly income and shareholding percentage.
- Latest 3 months’ personal bank statements.
- Latest 6 months’ business bank statements reflecting all income earned.
- Latest 2 years’ signed annual financial statements.
- Up-to-date signed management accounts.
- Copy of registration documents.
- Copy of personal assets and liabilities.
- Copy of your ID.