Step 1 – RECEIPT OF INSTRUCTIONS FROM BANK

Receipt of instructions from the Bank to register the bond.  Usually the instructions are received electronically.

Step 2 -  PREPARATION OF DOCUMENTS

If a transfer is involved request a flysheet from the transferring attorney, guarantee requirements and relevant FICA documents from the client.

Obtain a deeds office printout for the property and the client to check for any interdicts, insolvencies or other caveats that may be registered against the client or the property.

If a further advance is to be registered, obtain the title deed from the bank and prepare the bond documents for signature.

Step 3 – SIGNATURE OF DOCUMENTS

On receipt of the flysheet and other documents, prepare the bond documents for signature.

Contact the client and arrange for signature of the documents and payment of costs.

Step 4 – GUARANTEES AND FICA

After signature, the bond attorneys will advise the transferring attorneys that the bond documents have been signed.  Send guarantee, if requested or advice of the amount available under the bond.  Advise of position to lodge upon request or advise the transferring attorney of what is preventing lodgement.

Step 5 – LODGEMENT OF BOND DOCUMENTS

If a further bond is to be registered, proceed with lodgement.  If a transfer is involved, lodge on request of the transferring attorney.

The deeds take 7-10 days to be examined in the deeds office where after they come on preparation for registration. 

The conveyancer has 6 days in total to register the bond.

If a further bond is to be registered, the bond is handed in for registration and registered on the following day.

If a transfer is involved then the transfer and bond attorneys arrange the date of registration.

Step 6 – REGISTRATION

On the day of registration, the bond with the other linked transactions are registered at the Dees Office.   The bond attorney advises the bank and client of registration and arranges with the bank to pay the bond proceeds.  The transferring attorney presents the guarantee for payment after registration has taken place.

In the case of a further bond, the bond proceeds are paid in terms of client’s payment instructions.

Step 7 – DELIVERY OF BOND DOCUMENTS

Once the bond has been numbered and micro-filmed, it is delivered to the bond attorney from the deeds office.  This can take up to 3 months.

The bond attorney then obtains the title deed from the transferring attorney, if applicable, and delivers the title deed, bond and other security documents to the bank.  If no bond is involved, the title deed is delivered to the purchaser.

By choosing Mortgage Plus for a loan, you will get that continual service to make sure you are getting the best deal possible.

CONTACT US

Speak to a home loan consultant about financing your new property or reviewing your existing mortgage. We are able to assist in lowering your bond repayments and securing attorney discounts.

Complete this short form online
Call us on 011.327.4489
Email: morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

New Home Loans (Absa Bank, Nedbank, Standard Bank, FNB, Sanlam, SA Home Loans)

Buying a home is probably the single biggest investment you will make in your lifetime. It is not only a major financial commitment, but also an emotional experience that normally results in an exciting change in lifestyle.

Whether you are building your own home or buying an established property, you are investing in your future wealth and security needs. Your home could well become the foundation of financial independence for you and your family.

Features

- 100% loan to purchase price.
- The repayment term can be structured up to a maximum of 30 years – note that the general term is usually 20 years.
- The loan term may be increased or decreased at any time, at no additional cost. Your monthly payment however may be affected and could either increase or decrease, depending on the option you have chosen. If your repayment increases, the bank will need to assess that you can afford the new repayment before it can be changed.
- Choose the interest rate option that gives you the repayment structure you prefer – fixed or variable.

With the exception of Group Schemes that provide salary deductions, repayments will be made via a due-amount debit order.
- A larger bond can be registered than the amount of the loan granted.
- Link your home loan to Absa Internet Banking and Telephone Banking for electronic access.
- Further loan amounts may be applied for as soon as your property value increases sufficiently or when you want to extend/improve your property.
- Additional deposits can be made at any stage, which will immediately reduce your interest cost.

Gain immediate access to available funds via the Internet, telephone, ATMs or branches with FlexiReserve.
- Purchase multiple properties and link them to a single account.

Benefits

- No need to save for a deposit.
- Determine your own repayments by having a flexible term.
- By fixing your interest rate, you are not affected by rate hikes for the period which you have opted for.
- Save time and the hassle of having to go and pay your account physically with the due-amount debit order.
- Cut the cost and time when increasing your loan in the future (via a Further Advance).
- Transact hassle-free and cheaper electronically.
- The Further Advance option allows you to finance just about anything from purchasing another vehicle to improving   your existing home at more affordable rates compared to other finance mechanisms.
- You can save by depositing an additional amount into your loan or by opting to pay more than your monthly repayment.
- Have one repayment, one term and an interest rate for multiple properties.

Documentation required when applying for a Home Loan

- Fully completed and signed application forms
- Copy of Identity Document/Passport
- Proof of income
- Copy of Offer to Purchase (including property details)
- 6 months’ bank statements where income is reflected of which the last 3 months must be consecutive (only if applicant if not an existing Absa customer)
- Above also applies where commission is received.

If you want a Home Loan service that cuts through all the usual hassles and frustrations, contact us and we will take care of everything.

Call us now on (011)327-4489

www.mortgagepluscc.co.za