If you are new to the world of bonds and home loans, it can be a bit daunting if you have never been through the process of applying for one before.

 

Here is a basic break down of the areas involved with the applying for and registering of a home loan:

 

Property Registration

It depends on the transferring attorney for the amount of time it takes for your property to be registered, usually within four weeks. This process is usually a lot quicker if the loan is an additional one on a property you already own.

 

Bond Attorneys

The selection of a bond attorney is usually randomly selected by the banks in order for the bond to be registered.

 

Home Loan Installments

Payments for your home loan is usually done via a debit order and your first debit would usually be during the month following registration. Most often you are offered a few options whereby you can select the day of month that you prefer for your debit order.

 

Life Assurance

Proof of life assurance is only necessary if it is a condition for granting a home loan. You may however use any insurance company you choose for life assurance, you do not have to use the bank or their insurance company.

 

Bond Costs

Remember there are additional costs involved in the purchase of a home, not just the purchase price. Bond costs can be included in the home loan but arrangements with your bank need to be made.