Estate Living Magazine Connection - Issue 43 July 2019 | Page 25

P R O P E R T Y
&
I N V E S T M E N T
3. Where to apply
While every financial institution may have a few differences in
their application processes, for the most part, your application
options will include:
•   Online – Nedbank offers a secure and paperless online
self-service application. It includes an instant credit and
affordability check, so that you immediately know what sort
of price range you should be looking in. Once you submit
your application, you will be informed of the decision within
a few hours.
• At a branch – Most banks offer in-branch applications, where
a sales consultant will help you through the entire home loan
application process.
• Home loan consultant – Nedbank also offers a service where
a home loan consultant will come to you, at home or at the
office, and guide you through the application.
When assessing your application, the bank will look at the
following:
• your monthly income and how long you have been employed
• your typical monthly expenses and how much you are left
with to repay your loan
• your credit history – whether you have proven yourself to be
disciplined in repaying your debts in the past
• the value of the property and whether the asking price is a fair
reflection of that value.
As with so much in life, when it comes to succeeding in getting
the finance you need to buy your home, knowledge is power.
By following these guidelines, you will greatly enhance your
prospects for a positive outcome on your home loan application.
And remember, the banks aren’t looking for reasons to deny
your home loan, they are looking for good reasons to grant it. So,
be sure to give them as many of those as you can.
Irrespective of whether you’re employed full-time, self-employed
or a long-term contract worker, you can maximise your chances
of a positive outcome by showing that you are serious and
committed to repaying your home loan. The best way to do that
is by putting down as much of a deposit as you can afford.
R
While some home loans, like those granted to first-time buyers,
may not require a deposit, others do. Nedbank does not
necessarily request a large deposit towards the loan; instead the
bank values the actual loan at a much higher price.
But whatever type of home loan you’re applying for, saving up
the money for a deposit is still arguably one of the best ways to
maximise your chance of getting the funding you need from
your bank.
Xoli Ndwandwe, Head of Affordable Housing: Nedbank Home Loans