All Your Questions Answered:
Will my credit history affect the loan?
It doesn’t matter what your credit rating is, we look at the security i.e. is there enough value in the security in the property to cover the loan amount and its interest.
What is the average period over which the loan will be granted?
Contractually 3 to 4 months, but if you elect to pay your interest monthly then we will continue to “extend” your loan on a month to month basis by agreement.
What fees are involved in the transactions?
The Bond registration fees depend on the size of the bond, so to get a good indication of what you will pay you would need to look on online. Other costs would include R2500-00 contract fee, and R342-00 per payment made or received. Interest is calculated daily only on the outstanding amount and interest will be compounded monthly if not paid.
What securities would be consider as surety on the applications?
Primarily immovable property and we would consider a JSE share portfolio etc but we would not consider policies.
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