Frequently asked questions
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Who pays BetterBond?
The bank pays BetterBond a once-off fee for brokering the home loan deal with the client.
Does the fee earned by BetterBond mean that I will incur hidden costs?
No. There are no hidden costs. The fees you pay the bank and attorneys will remain the same, irrespective of whether you use BetterBonds' services or not.
Can BetterBond guarantee me a low interest rate on my bond?
The offers you receive from the banks will be dependent on your credit rating, risk profile, financial stability and whether you have paid a deposit. Once we have the offers from the banks, we can negotiate with the banks to get you a better deal. Having comparative quotes means that you will have options to choose the deal that best suits you.
Can BetterBond guarantee that I will obtain a home finance?
We can't guarantee that you will obtain finance (as this is dependent on your credit profile), however we do have an 80% bond approval rate and do everything in our power to motivate for the best home loan deals for our clients.
Do I have to use the bond originator that my estate agent suggests, or do I have the choice to use any originator?
The choice of originator is completely up to you.
Do I follow up my application with the bank or with BetterBond?
We track the application on your behalf, and will keep you informed of the progress.
Once my application is submitted, how long does it take for approval?
You will typically receive feedback within 48 hours. However, should this process take longer, we will keep you informed.
What is the difference between approval and final grant?
The bank will “approve” your loan based on your supporting documentation, as well as on your credit history. “Final Grant” is awarded once the property valuation has been completed.
Why do I need to sign so many documents at the attorneys?
You are entering into a legal agreement with the bank for a significant period of time (as long as 30 years). This means that all parties need to ensure that all relevant terms of the loan are recorded, acknowledged, and comply with legislation.
Why do I need to get pre-qualified?
Going through the pre–qualification process will give you a clearer understanding of how much the banks may be willing to offer you a bond for. In addition having a pre-qualification certificate shows sellers that you are a serious buyer.
Do I have to pay to get pre-qualified?
No, our verified pre-qualification certificate is done at no cost to you.
How long does the pre-qualification process take?
Once we receive your documents, we can supply you with a certificate within 24 hours (during a work week)
How long is a pre-qualification certificate valid for?
A pre-qualification certificate is valid for 3 months, but remember if your financial situation changes you will need to go through the pre-qualification process again