ooba, South Africa's largest bond originator, has launched a free service to help counter the growing problem of failed property sales from buyers unable to secure enough financing.

Jenny Rushin, provincial sales manager at ooba (formerly MortgageSA), said: "We have seen a number of offers to purchase falling through of late because potential buyers are not able to get the finance they need after they have had their offers accepted.

"This is because they don't fully understand how to work out the size of the homeloan they qualify for and is also due to the fact that banks have tightened up on their lending criteria.

"It's hugely disappointing for buyers and sellers alike."

To make things easier for buyers, ooba has launched oobaqualified ¿ a free service that tells buyers just how much they can spend on a home before they go to the time and effort of looking for a home a making an offer.

"All buyers have to do is provide their income and expenditure details and within hours they will get a certificate guaranteeing a homeloan for an approved amount," said Rushin.

Rushin notes that buyers who are pre-qualified are in a much stronger position to negotiate with sellers.

"Because they already have finance, sellers feel confident that the offer will fly and may favour them over those who aren't pre-qualified."