Buying a house for first time buyers can be tricky, that is why you need a partner that will show you through the process. There are a lot of pitfalls you can fall into when you are not familiar with the property sector. The idea of home ownership is the aspiration of many working South Africans. In life, a house is single most important buy you can make. Almost 90% of homes are bought through some form of credit, a home loan or bond.
About Payneless Bonds
Payne Less Bond is a bond originator and it’s associated with Mortgage Max, it’s a company that has a vision to save money for new property buyers, even repeat ones can save up to 0.5% on interest rate. If you are buying property, it’s important to know how navigate contracts and the team at Payne Less Bond will help you with crucial financial information.
Payneless Bonds services
Cost savings is at the core of the service for property buyers. The 0.5% savings on property of R3million totals R240 180. This savings is substantial. You can get up to R1 000 savings every month. Your documentation is important when apply for the bond.
Additional services at no cost to you will include the following:
- New Loan
- Further Loan on your Existing Property
- Building Loan
- Insurance Referral
- Commercial Finance Referral
When considering buying a property the first thing you ought to think of is location. This will be influenced by two things. Firstly it will be price, then lifestyle. Price of property and affordability is the main ingredient to choosing property. Everyone would love to live where the action is, that means Johannesburg north. However the prices there are for the well-heeled. The choice will then fall on surrounding areas that are safe and close enough to different business districts. Lifestyle is for those who don’t mind commuting far because they put lifestyle above location. If you love boating you will consider Vaal or Harties Dam and drive a 45 minutes to get to Johannesburg.
The price you see on the property is not the financial price you will pay. There are deeds office costs, management costs, attorney costs, transfer duties. Depending on the bond you take, and interest, a R1 million property can end up being R4 million in total over 20 years. It’s a good idea to have a good deposit when you buy a home. Its encouraged to work and save up for a good deposit. Installments and interests will be reduced depending on your deposit.
Payneless Bonds application
Payne Less Bond has pre qualification checks for new property buyers. Your application will go through pre checks, you will have to fill this form
You can get the form on their website. You will also need:
- Clear South African ID/Passport Copy
- Latest 3 Months’ Pay slips (6 months if your income fluctuates). If you get paid weekly or biweekly you will need a full 6 months worth of pay slips – 2 weeks x6 months, or 4 weeks x6 months.
- Copy of Lease Agreement (only if you get Rental Income)