Simple tips to be eligible for a mortgage from inside the Southern Africa

Blog post summary

  • Make sure that your credit rating try more than 600 about.
  • Rating prequalified so that you have an idea away from what you are able afford before applying having a home loan.
  • A mortgage research provider tend to complete your application so you can several financial institutions, enhancing your chances of obtaining home loan recognition.

Investing a property the most tall choices you are able to make, and you will probably want to always get the best chance possible from getting your perfect house.

However, the original demands is you getting 18 ages otherwise older. Be sure becoming permanently utilized for half a dozen straight days, otherwise worry about-utilized for for the past two years.

In addition to that, initial foundation will be your credit rating, and you ought to pay close attention on credit history when making an application for a mortgage. You would like a credit history of at least 600 into financial to consider your financial app, while anything significantly more than 650 is known as a decent credit rating.

If for example the credit history try below 600, you will want to do something to switch your credit score. ooba Lenders, Southern area Africa’s biggest home loan research provider, normally advise you for you to make that happen.

However, very first you need to know your credit score. We can help with you to also, by getting you prequalified getting a mortgage.

Prequalification: The initial step in order to mortgage acceptance

It will give you your credit rating, and you will a sense of what you are able rationally pay for. This enables that start your house have a look which have a strong concept of what you are interested in.

As an alternative, you can get prequalified with the help of an enthusiastic ooba Domestic Fund associate, through these around three basic steps:

Step 1: You’ll need to provide your own ooba Mortgage brokers representative to your information on the month-to-month money and you may expenses, as well as taxation and you may bills. Additionally need county any debts you really have.

2: Your own ooba Home loans loans expert often determine the pre-qualification number according to the guidance of your own National Borrowing Operate, and check your credit rating. You will then be issued good pre-degree certificate, that you’ll share with a house broker to prove you’re pre-approved and able to shop for your perfect household.

3: Their pre-qualification holds true having 90 days. After this, your own ooba Home loans financing professional will get in touch with one see in case the expenses provides altered during this time period of time. If the there has been a material transform, the new prequalification could be recalculated and you can revalidated. When there is zero change to often earnings otherwise expense, ooba Mortgage brokers have a tendency to reissue a beneficial revalidated certification.

Your house application for the loan procedure

The house application for the loan will take place after you’ve found an effective house that meets your needs, and you will finalized the offer to order.

Before you apply, be sure to have the relevant files. The files you’ll need to fill in will vary based on whether or not you happen to be forever working otherwise notice-functioning.

What things will the bank be the cause of when assessing the home loan application?

  • As mentioned, the personal credit record could be the the very first thing with the lender.
  • Your revenue and you will expenditures.
  • The size of their deposit. The higher their put, the brand new faster chance there is certainly into the lender, and the finest the risk you really have off securing your house mortgage.


  • Score prequalified.
  • Make sure that your credit rating was more than 600 at the very least.
  • When possible, make more substantial put.

Eventually, when it comes time to try to get your house loan, implement the services of home financing testing solution including ooba Home loans. I change your possibility of acquiring financial acceptance of the distribution the job to help you numerous financial institutions.

Because the banking companies keeps other credit criteria, specific may be very likely to approve your home loan than just anybody else, even though you has the lowest credit score. Different financial institutions may also give other interest rates. You are helped by us throw an extensive web in order to favor the best deal with the lowest rates of interest.

We supply a selection of devices that can make home buying processes simpler. Start with our Bond Calculator, then have fun with our very own Bond Signal to determine what you really can afford. Finally, as you prepare, you could make an application for a home loan.