Home Loan & Property Buying F A Q s

• To whom is my deposit paid?
Depending on the stipulation in the contract, the deposit is either paid over to the Estate Agency or the Transferring Attorneys as they both have trust accounts where your money is protected. Never pay the deposit directly to the seller or the individual agent and always insist on the relevant receipts.

• Can I claim interest on my deposit?
Interest on deposit is usually paid to you after registration of transfer. You can request that either the Estate Agency or Transferring Attorney holding the deposit act in your interest by arrange for the deposit to be invested in an interest-bearing account.

• To whom is occupational rental paid?
It is easiest to pay occupational rental to the Estate Agency or Transferring Attorney who will either pay it directly to the seller or into the seller’s home loan account. You can pay it to the seller directly but may then be asked to provide proof of payment.

• How long will the transfer take to register?
This usually takes about three months from the date of sale, depending on the circumstances and due dates for the home loan grant stipulated in the deed of sale. Registration can be completed within 6 weeks to 2 months from the date of sale if there are no complications or delays from any parties involved in the deal.

• What is the cost of transfer and home loan registration?
There are schedules of transfer and home loan registration costs available from both estate agents and conveyancing attorneys. Transfer costs are based on the value of the property and whether you are buying as a natural person or legal entity such as a Trust, close corporation or company. Home loan registration costs are based on the total registered value of the loan.

• When must my transfer costs be paid?
Transfer duty has to be paid in advance and is usually due a few weeks after the date of sale. Any delay in making this payment will unnecessarily delay the transfer.

• Who will register the home loan?
All the banks have panels of conveyancers that they use for home loan registration and one of these will be instructed to register your home loan. Your mortgage broker will have special rates with various attorneys on the banks’ panels and it is advisable to use one of those. Furthermore, if the transfer conveyancer is also on the bank’s registration panel it will be expedient to let them do the registration as well.

• Who will contact me on registration ?
Your conveyancer’s secretary should contact you on registration and provide you with a final statement of account. Your estate agent may also confirm registration. Finally, your bank will send you a letter advising you of the registration of the home loan and the date when your first installment is payable.

Please contact us if you require any further information or would like to apply for finance:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

Standard Bank Home Loans

If you ready to purchase that property you have always wanted why not apply for Standard Bank home loans?

Standard Bank is one of the leading home loan institutions in South Africa and has assisted millions of individuals to obtain their dream homes. It has been able to do so as Standard Bank home loan branches can be found all over the country and is easily accessible.

Standard Bank complies with the National Credit Act of 2005 (NCA) and sound banking principles are followed which ensures that a professional service is rendered to individuals. Standard Bank also uses state of the art technology which allows for speedy home loan application and results.  In fact, many South Africans are pleased to find a Standard Bank branch in many overseas countries in Europe.

But how can one go about to obtain a Standard Bank home loans and what does it entail?

Firstly individuals will have to proof that they earn a fixed monthly salary of at least R6000 on a single or joint salary.

When applying for a Standard bank home loan through Mortgage Plus, individuals will require to submit other information such as the green South African I.D. document, proof of permanent residency and salary slips will have to be submitted with the actual signed application.

First time home buyers could qualify for a 104% loan where the additional 4% is to assist with transfer and registration fees.  Individuals may also apply for an AccessBond where individuals are allowed to transfer surplus funds to other Standard bank linked accounts.  Installments will also increase if available money is transferred out of the AccessBond.

Ordinary Standard Bank home loans are only offered to the loan to value of 95% where the individual will have to provide the additional 5% of the bond and cater for other bond costs.  Individuals normally provide the outstanding amount in cash or via a personal loan.

Various options are available to cater for customer specific needs and include interest rates which are either fixed or variable.  Fixed interest rates on a Standard Bank home loan simply means that interest charged on your home loan will never change even if country wide interest increase or decrease over time.  Current interest rates, as from November 2010 on Standard bank home loans are charged at 9% (and is variable) but individuals may be charged at a higher or lower rate depending on their credit score rating.

Insurance to cover the value of the structure is also compulsory and need not necessarily have to be taken out through Standard Bank. Standard Bank offers two types of structural insurance:

• Home Loan Protection Plan
• Home owner’s Comprehensive Insurance Policy

Mortgage Plus Home Loan division may also provide individuals with a Pre-qualification certificate which is valid for three months. It allows individuals time to shop around for a property of their choice. It could speed up your application process and Standard Bank will only need to assess the actual property for the final process.

Interested individuals can also use the Mortgage Plus website to calculate and apply for Standard Bank home loans and to find other valuable information.

Please contact us if you require any further information or would like to apply for finance:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za