What are the requirements to buy a house in South Africa?

In order to buy a home in South Africa, you need:

• A good credit record.
• A deposit amounting to at least 10% of the property’s value.

Your credit record is based on your financial history. A minimum credit score of 610+ is required to have a home loan application approved.

A deposit is the biggest barrier to many first-time homebuyers, but there is the option of applying for a 100% home loan, which removes the need for a deposit.

Applying with a home loan comparison service such as ooba Home Loans gives you the best option of getting your home loan approved, even with a low credit record. We apply to multiple banks, and some may have more lenient lending criteria than others.