Step By Step Guide To Home Finance Process

This is a summary of the process followed when applying for a home loan with SA Home Loans:

Step 1. Find out what you can afford

Before you start the process, make sure you know what you can afford. Speak to a consultant or use the online home loan calculator at to establish how much bond finance you qualify for based on your income or joint income.

Step 2. Make a home loan application

After signing an offer to purchase on the home you want to buy, you will need to make a formal home loan application with SA Home Loans. Choose an application option:

  • Apply online with your details and they will contact you.
  • Call the Sales Contact Centre on0860 2 4 6 8 10 to discuss your home loan solution needs with a dedicated property finance consultants.
  • Contact your closest SA Home Loans branch to arrange a personal meeting with a specialist consultant to discuss your home loan requirements.

Step 3. Gather all the necessary documentation

This is the most important part of the process from your side. Getting all the required up-to-date-documentation together upfront will speed up the process. Once your consultant has everything, they will do the rest. But they can''t progress without the right documents!

Step 4. Credit approval

A credit assessment takes place, using the supplied documentation as well as information obtained from a credit bureau regarding your current credit status. If this is all in order, you will receive notification of approval of your bond application within three working days. This approval is subject to the completion of the valuation. If there is a problem, you will be contacted by your consultant to discuss a possible solution.

Step 5. Valuing the property

SA Home Loans will arrange an appointment for an expert appraiser to value the property you intend to purchase. They will speak to the owner, developer or the estate agent to arrange this. This usually takes about 3 working days to complete. Please note that this valuation does not include a check for any defects or problems with the home - such as cracks or leaking roofs - that is your responsibility.

Step 6. Signing the Letter Of Acceptance (LOA)

With your credit approved and the valuation complete, a home loan proposal called a ''Letter of Acceptance'' will be drawn up. This details all the costs, the interest rate, indicative monthly instalment and other important information for you to evaluate and sign. Your consultant will go through these costs and details with you.

Step 7. Conveyancing

Now the legal process begins! An attorney (from our national panel) will prepare all the necessary bond registration documentation and will make an appointment with you to sign them. Arrange to sign as soon as you are contacted, so that the process is not delayed. The attorney will go through the documentation in detail with you.

Step 8. Bond protection

Buying a home is one of the biggest investments you will ever make. Our Bond Protector Plan will provide you with peace of mind, secure in the knowledge that you and your family will be protected against untimely death or disability. You''ll be contacted by a consultant who will guide you through the process of getting this important cover.

Step 9. Lodgement

Once you have signed the documentation, the attorney will ''lodge'' your bond for registration.

Step 10. Registration

Your bond now needs to be registered at the respective Deeds Office. This is a legal process and can take up to 8 - 12 weeks. Your attorney will notify you once this takes place.

Step 11. Ownership

From the date that the Deeds Office registration takes place, you''ll be the proud owner of your new home. You will now start paying your bond instalments - as well as insurance, bond protection and all rates, taxes and utility costs relating to your home.

Step 12. Maintenance

Owning your own home is wonderful, but it comes with the responsibility of looking after your property to ensure the money you''ve invested isn''t thrown away. Houses require a lot of attention and money to keep them in good condition, but this is money well spent because it''s far more expensive to replace items than it is to maintain them. Make sure you pay attention to items such as wooden window and door frames, gutters, fences, roofs and swimming pools, as ongoing maintenance will save you money in the long run and retain the value of your home.

Source: Information supplied by SA Home Loans