Home Loan Application Process
When the South African Reserve Bank (SARB) announces changes to the repo rate, the media goes into overdrive: “Interest rates hiked!” or “Rate cuts bring relief!” But what does this really mean for your home loan - and do banks really borrow money from SARB before lending it to you? Let’s break it down...
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When shopping for a home loan, most buyers hope to “negotiate the best rate” — and rightly so. Even a small discount on your interest rate can save you hundreds of thousands of rand over the life of your bond. But how do banks actually decide what rate to offer, and why are there limits to how low they can go? Let’s unpack the reality.
Identity fraud is a growing problem in South Africa, and unfortunately many people only discover it when it’s already caused serious damage. At Phoenix Bonds, we’ve seen cases where clients only realise something is wrong when they apply for a home loan and the bank pulls their credit report.
As an estate agent, you’re often the first person a buyer turns to when making one of the biggest financial decisions of their life. And while buyers may feel confident approaching their own bank directly, or even another bond originator, part of your role is helping them make the smartest choice. Here’s how to confidently explain why working with a Phoenix Bonds broker is the best move for every situation.
Not too long ago, many South Africans had a “bank manager” they knew by name. You could walk into a branch, sit down with someone who understood your history, and negotiate based on loyalty, trust, and the length of your relationship with the bank. That era is gone. Today, banking has shifted dramatically. The focus is no longer on long-standing relationships - it’s on numbers, profitability, fees, and risk management. Decisions are increasingly centralised, automated, and driven by algorithms that assess affordability, risk, and return.
When it comes to winning a seller’s mandate, the way you present data can make or break your pitch. Many agents fall into the trap of relying on outdated sales data - comparing what sold six months ago. But the market moves quickly, and sellers want to know what’s happening now. That’s where property portals like Property24 and Private Property become powerful tools - not just for buyers, but for agents at the listing table.
If you’ve been in real estate for any amount of time, you’ve probably experienced it: A buyer makes an enquiry, you reach out, maybe even connect them to a bond originator for prequalification… and then silence. No calls back, no emails, nothing. It’s easy to assume they’re being rude or that they’ve lost interest - but the truth is often very different.
For both buyers and sellers, clarity on the fulfilment of the bond (financing) suspensive clause is crucial. Under South African law, and in particular the National Credit Act, knowing whether “grant of bond” or “acceptance by the purchaser” triggers fulfilment can determine whether a sale proceeds - or can be lawfully challenged.
If you earn a basic salary plus commission, overtime, or bonuses, you’re not alone. In South Africa, many professionals — from salespeople to nurses to freelancers — have variable income structures.
But when it comes to applying for a home loan, it’s important to understand how banks view this kind of income. Spoiler alert: it’s not treated the same as a guaranteed salary.
Here’s what you need to know.
In South Africa, owning a home is a major milestone — and for many, that journey begins with qualifying for a home loan. While income, credit score, and expenses are the main ingredients banks assess, there’s another factor that plays a bigger role than most people realise: your level of education.
Here’s why having a diploma, degree, or other post-matric qualification can significantly increase your chances of getting that all-important home loan approval.
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