My home loan was declined; when can I apply again?

It depends on whether you want to apply with the same bank or not.

• If you want to apply with the same bank that declined your application, you should take time to improve your credit record by paying off debts. Improvements to your credit record usually show up after around three months, at which point you can apply again.
• You can apply to a different bank right away. Some banks may be willing to approve home loan applications that others rejected.

You can apply to multiple banks with ooba Home Loans, which improves your chances of obtaining home loan approval as banks compete with each other to grant the best home loan packages.

If your application was rejected due to low income, you can apply for First Home Finance (formerly known as FLISP), a government subsidy aimed at homebuyers with an income ranging from R3 501 to R22 000 per month. The application process takes around 7 days.