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How to qualify for for a home loan in South Africa

Pre-qualifying for a bond clears the path to your effortlessly making an offer on your dream home. Here’s how it works in five easy steps.

Qualify for a home loan

Article summary

  • Pre-qualifying for a bond gives you the edge when it comes to buying your dream home.
  • Your pre-qualification amount is based on your monthly earnings and expenses, as well as any debts you may have.
  • A pre-qualification certificate is valid for 90 days, but can be recalculated and revalidated after this period.
  • Once you accept the bank’s quotation, your bond will be registered and your dream of owning your own home on its way to becoming a reality.
  • Your ooba home finance expert is here to help you pre-qualify for your bond so that you can enter the home-buying process with complete peace of mind.

Video summary

How to get pre-qualified for a home loan

Step 1: You’ll need to provide your ooba consultant with a summary of your monthly income and expenditure, including income tax and living expenses. You’ll also need to state any debts you may have.

Step 2: Your ooba home finance expert will formulate your pre-qualification amount in accordance with the guidelines of the National Credit Act. You will then be issued a pre-qualification certificate, which you can give to an estate agent to prove you’re bond approved and ready to roll.

Step 3: Your pre-qualification is valid for 90 days. After this, your ooba home finance expert will contact you to check whether your expenses have changed during this period of time. If there has been a material change, the pre-qualification will be recalculated and revalidated. If there is no change to either income or expenditure, ooba will reissue a revalidated certificate.

Step 4: Once the bank has assessed your home loan application and given it the thumbs up it will issue a quotation. This will include an interest rate, the cost of the credit, and any special conditions that may apply. Your ooba home finance expert will take you through the entire process, explaining everything you need to know.

Step 5: When you agree on a quotation, ooba will notify the relevant bank, which, in turn, will proceed to instruct the pointed attorney to register your bond. You’re now good to go!

Alternatively, use ooba’s convenient Bond Indicator Tool to assess your pre-qualification amount and obtain your ooba Bond Indicator Certificate.

The ooba Bond Indicator (OBI) is an online, self-service, 100% secure and paperless application, where within five easy steps and no more than a few minutes, you’ll have an idea of your credit profile, as well as a summary of your affordability and a realistic indication of your price ceiling.

Get prequalified for a home loan today

DIY with our online prequalification tool, or speak to an expert.

Get Prequalified


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