Frequently asked questions
- COVID-19 - Lockdown
- Searching for a property
- Buying a property
- Attorney process
- Other services
We want to make you as ‘attractive’ as possible to both the bank and the seller. The pre-approval process will give you a better sense of what you can afford, and what you can expect from the banks. And with your pre-approval certificate in hand, the seller will know that you’re a serious buyer. It’s just a really smart move.
Nope, you don’t pay a cent! Our verified pre-approval certificate is on the house!
We want to make it as quick and easy as possible for you. Once we have all your documents – and if it’s a normal weekday – we’ll supply you with a certificate within 24 hours.
The certificate we give you is valid for three (3) months, maximum – but, remember, if your financial situation changes in that time, you’ll have to go through the process all over again.
Sadly, no. We don’t provide finance of any kind – not even for dream cars. But we do offer you a bond origination service to help you secure the best possible home loan when you finally find that dream home. That’s it!
No cards. No credit. We are not a financial institution and don’t provide finance. BetterBond offers you an origination service, free of charge. We approach various financial institutions on your behalf, and help secure you the best possible home loan – all while guiding you through the entire homebuying process. That’s the deal!
The income you earn and the expenses you incur will determine the loan you qualify for. Banks calculate your score using your total salary package, before deductions and excluding benefits, like medical aid. Some banks may include housing and travel allowances. As a benchmark, we suggest that your minimum single or joint gross household income should be no less than R10 000 per month.
It’s a bit of a mouthful, but FLISP stands for Finance Linked Individual Subsidy Programme. First-time homebuyers who earn between R3 501 and R22 000 per month can benefit from FLISP. The FLISP subsidy amount depends on your monthly income. FLISP either brings down the initial home loan amount, making monthly instalments more affordable, or you can use it to make up the shortfall between your qualifying loan amount and the residential property purchase price.
You can apply for FLISP if:
- You are a first-time homebuyer and want to purchase a residential property
- You earn between R3 501 and R22 000 per month
- You’re a South African citizen with a valid ID or a permanent resident with a valid permit
- You are over 18
- You have never had a government housing subsidy or been part of a housing subsidy scheme before
- You have an agreement of sale for the residential property, and an Approval in Principle of a home loan from an accredited South African bank
Qualifying applicants may use FLISP to do one of the following:
- Buy an existing, new or old residential property
- Buy a vacant residential stand that is linked to a NHBRC registered builder
- Build a residential property on a serviced residential stand or tribal stand. The homebuilder will need to be NHBRC registered
Getting your big break as a homeowner is a carefully managed process. Once the bank has granted your home loan, you submit your FLISP application, together with your supporting documentation, to the NHCF. If your home loan application is approved, the FLISP application will be processed. If the FLISP outcome is positive, the subsidy will be granted. This would be a good time to celebrate!
BetterBond is all about helping you achieve your home loan goals, but we are not a financial institution and don’t provide pre-approvals for home loans. Our pre-qualification service, however, is totally aligned with bank-qualifying criteria and will let you know exactly what you can afford to buy. Our expert consultants will then vet and verify your credit record, income and expenses, and issue you with a Pre-Qualification Certificate, so that you can shop around with confidence.
With over 19 years’ experience in home loans – and having helped over one million customers secure their dream home – our average approval rate is 80%. Compare that to the current average approval rate of 35% among buyers who apply directly to their banks! As you can see, getting pre-qualified is an essential first step on the home-buying journey.
Unfortunately, not. Although not a guarantee, a pre-approval is a great way of knowing exactly what you can afford to buy, and it sends a signal to sellers – and lenders! – that you’re serious.
Each bank has its own specific lending criteria, and bases its decision on its own merit. There is, therefore, no guarantee that your home loan application will be approved.
But with our average approval rate of 80%, compared to the current average of 35% among buyers who go directly to their banks, there’s a really, really good chance of approval. And once the banks start competing for a deal, they’ll be more eager for the business, and are likely to consider an application more carefully. And we make it our business to help you secure the very best deal.
It’s simple, really! We’re a specialist home insurer, focused entirely on the homeownership space. And with BetterBond as our partner, we’ve got the entire home-buying business covered.
We believe that every bit better your home insurance is, ultimately prevents your life from getting that much worse. And that’s why we’ll offer you meaningful insurance options – like whole-of-life cover that extends well beyond your bond, even when it’s fully paid up.
We’ll ensure that your better home insurance costs you less and offers you more cover, because that financial protection becomes a partnership for the better, when life heads for the worse.
So, why settle for any insurer when you know better?
You’ll need to have homeowners cover in place if you hope to secure a home loan for a free-standing residential property. Of course, you can choose any cover you want, as long as it meets all the bank’s minimum requirements – and our BetterSure Homeowners Cover (HOC) ticks all the boxes!
Nope! We’re not affiliated with bank insurance in any way. So, it’s really, really important that you make sure you’ve selected only one homeowners cover, or you’ll be paying double the premiums each month!
Obviously, we’d love you to choose our cover, because we offer you a range of unique, meaningful benefits, like maintenance cover and an annual geyser inspection – which you won’t get with other insurers! And because we’re home loan specialists, and we work closely with our sister company BetterBond to bring you a full-circle service, we like to think we know exactly what new homeowners need.
Just remember, when choosing your insurance policy, always ask about the cover, exclusions, excesses and any additional benefits, so that you have all the info you need to make an informed choice.
Sadly, yes – because the price of bricks, cement, fixtures and fittings increases each year, and so the cost of maintenance and repairs also increases. To make sure you’ve always got enough cover, the sum insured of your property will also have to increase. We do this to make sure you are never under-insured.
When you choose an ‘ordinary’ loan, your policy will kick in when your bond is registered.
When you choose a building loan, your policy will kick in only once a BetterSure Financial service consultant has contacted you to confirm the date of completion.
But it’s always a good idea to double check that your cover has been activated. To find out, just give us a call.
We’re really determined to make the insurance process simpler, easier, better. So, if you’ve taken a bond through BetterBond or any of our partners, we have a unique policy just for you – and no medical underwriting or tests are required!
All you have to do is answer a few simple questions so that we can provide you with a competitive rate.
Nope. Unlike conventional life policies, our BetterLife Protection Plan continues even after your bond is paid off, so that you never lose that protection.
It’s really up to you! You can request that your life policy kicks in when your bond is registered, or you can start sooner.
But we always recommend that you start your policy sooner. Why? Well, to be honest, if anything should happen to you before the registration of your dream home, at least your family will still have the opportunity to continue with that dream.
At BetterSure, we want to make sure your insurance policy protects your loved ones for the better, when life takes a turn for the worse.
Then there are a few once-off costs that you will need to pay such as your transfer costs, transfer duties, initiation fees and bond registration costs. However, aside from these once-off costs, the only amount you will have to pay will be your monthly home loan repayment. For more information.
The transfer cost is a once-off fee you will pay the transferring / conveyancing attorney. This fee covers their cost of registering you as the owner of the property with the Deeds Office.
The transfer duty is a government tax (the higher amount you pay on a property, the higher your transfer duty).
This is the amount that the bank charges you in order register your home loan.
Your monthly repayment includes the amount you owe the bank along with the interest owed to the bank.
Upfront costs relate to the bank’s initiation fee, the transfer cost, transfer duty, deeds office levy, postage, petties and other application fees applicable.
A verified pre-approval certificate will give you a good idea of what you can afford, and the type of offers you could expect to get from the banks. Plus, a pre-approval certificate increases your chances of bond approval by up to 90%! It will also let the seller know that you are a serious buyer. And best of all, our pre-approval certificate is absolutely free. That’s right! You pay nothing.
Nothing- it’s free
No - our credit check is free and leaves no footprint
Yes. We are fully operational and working remotely. If you would like to apply for a home loan, you can send us the documentation via email and we will assist. Together, we will find the best deal for you at this time – we will look carefully at affordability, advise on a deposit, and guide you in terms of the latest fluctuations in interest rates so that you can choose the most suitable deal for your needs. Given the current circumstances, the process might take a little longer than usual, but we are here to help. Apply now
Yes. It is always good to get things in order, so we can give you a call and assist you with this. We remain operational as we are working remotely. Pre-approve now
All our major banking partners have put skeleton staff in place to attend to applications during the lockdown. However, they have asked for patience as their service levels and turnaround times will understandably be compromised under the current circumstances.
The South African Deeds Offices also have to adhere to the lockdown, but our attorney partners are working remotely to ensure that all documents are gathered in preparation for the reopening of the Deeds Offices. This will ensure that your application can proceed once the lockdown is over.
We are reliant on the banks for outcomes and they have only skeleton staff in place, so please expect a delay. However, we are in constant contact with our banking partners and will provide you with regular feedback.
Furniture removal companies will not be operational during this time, so it would probably be a good idea to renegotiate the occupation date with the seller. Consult the attorney and estate agent who have been assisting you with this transaction – they will be best placed to guide and advise you with regards to your individual circumstances.
We would facilitate this with our banking partners and provide you with regular updates. Progress would depend on where in the process your application is, and there could be delays due to banks operating with skeleton staff. However, we will do whatever we can to move your OTP forward.
For Home Loans contact us on 0800 007 111
For Insurance Sales contact us on 0860 333 373
For Life Insurance - Client Services and Claims contact us on 0861 249 294
For BetterSure HomeOwners Cover / Buildings Insurance - Client Services - 0861 249 294
For BetterSure HomeOwners Cover / Buildings Insurance - Claims – 0861 034 527
For Auto & General HomeOwners Cover / Buildings Insurance - Client Services and Claims - 0860 333 433
Or leave your details on our web contact form and we will call you back.
No. This will not be necessary. The banks can still process your application albeit at a slightly slower rate than usual as they are operating with skeleton staff only. Depending on the complexity of the deal, we will endeavour to provide you with an approval in principle, at least, to give you a good indication of your standing. You will then be in a position for the deal to progress through the system once normal operations resume.