| Why do I need to complete a section on my credit history ? |
| Your credit history provides the lender with information on how you have been managing your debt, and hence your ability to finance a purchase. As part of the home loan process, the necessary credit checks will be performed at no cost to you. |
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| What is insolvency ? |
| Insolvency refers to a state of financial affairs whereby the liabilities (debts) of an individual or business exceed their financial worth / assets, thereby leaving the individual or business unable to meet their financial obligations. |
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| What can I expect once I have submitted my application ? |
| On receipt of your application, a credit check will be performed and an experienced ooba home finance expert will contact you to collate any supporting documentation required by the lender to complete the application. Your application will be submitted to the lenders which have the products that suit your particular loan profile and affordability. If successful, the lender will approve your application in principle. A quotation setting out the cost of credit, interest rate applicable and special conditions will be issued following successful assessment of the property. |
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| What should be included in my monthly expenses |
| Include ALL monthly household expenditure PLUS retail account installments, personal loan installments, vehicle finance repayments/installments/sale agreements. Any current monthly rental or bond repayment expenses that will be replaced by this New home loan should be excluded from you Total monthly expenses figure. |
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| What should be included in my Net monthly income ? |
| Your net monthly should reflect ALL income less deductions i.e. gross monthly salary less tax, other salary deductions (medical aid, UIF, etc) PLUS any rental income, subsidies, travel allowances, average commissions etc. |
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| What should be included in my gross monthly income ? |
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Your gross monthly income includes, but is not limited to the following :
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