Frequently Asked Questions
Answers to our most frequently asked questions:
How long does a financial assessment take?
- To determine your financial readiness to purchase a home we need to know how much you earn and your current credit profile.
- To allow us to access your credit profile we need you to give us your authority to do so. You can do this by verifying your identity online through Experian, a registered credit bureau. Alternatively you need to complete a Client Information Form and provide us with a copy of your ID.
- Once you have given us the necessary authority we aim to provide you with feedback within 1 business day.
How large is your property selection?
- We are not estate agents and so our property selection is not limited to stock we are mandated to sell.
- In the case of new properties – we work with most of the large and reputable property developers in Gauteng and so have the largest selection of development property available to you.
How long will it take to get my own home?
- We aim to get you into your own home as quickly as possible but everyone’s situation is different and so the timing will largely depend on your personal situation.
- If you have a good credit record and have savings to pay transfer and bond costs on an existing property the process can be a quick as 2-3 months.
- If you purchase in a new development and your new home still needs to be built then the process can take anything from 6 months to a year.
- If you have a poor credit profile and first need to improve your credit score the process may take longer.
How much do I need to earn to be able to purchase a home?
- You will need a combined monthly household income (before deductions or expenses) of R15 000 or more, depending on a number of factors such as: the area you want to buy in; the type of house you want to buy; and your other monthly expenses.
- If you have a combined monthly income of less than R20 000 and only have limited savings we would recommend purchasing in new developments as the developer often pays the legal transfer and bond registration fees making these options more affordable.
I already know which property I want to buy, can you still help me?
- Yes, you will still need to make an offer to the estate agent or seller of the property and we can assist you in doing this, including assessing the price you can afford to pay.
- In addition to this, if you need a mortgage loan to purchase the property we can help you submit applications to all the major banks and negotiate the best deal for you.
What does the service cost?
- There is no fee to you if you purchase through our programme i.e. you only purchase from sellers that we introduce you to and you allow us to assist you in getting a bond.
- We work at risk and only earn fees if you become a homeowner – in which case we earn a fee from the property developer/seller or estate agent when you buy a home and from the bank when you are granted a home loan.
Will I pay more for my home because I use your service?
- No – in the case of new developments you will pay the same price as any other purchaser. By using our service you are effectively buying direct from the developer but with us looking after your interests as a buyer.
- If you are buying an existing property we can give you help in negotiating the price you offer for the property. Given our experience in the market this could result in significant savings on the purchase price.
Our household income is less than R 15 000 - what are our options?
- If your combined monthly income before deductions and expensed is less than R15 000 housing options are much more limited.
- The best options are ofter in specific affordable housing developments where you may be able to save on legal transfer and bond registration fees.
- You may also be able to qualify for a subsidy such as the government’s Finance Linked Individual Subsidy Programme (FLISP) that can be as much as R121,000.
- You could consider buying with a co-applicant to improve your affordability.
- And that next job promotion or increase might just put homeownership within your reach.
What can you do for me if I have a poor credit profile?
- Most people will need to get a home loan to be able to purchase a house.
- Home loan providers only lend to people who they believe will pay back the loan.
- So you will need a good credit profile and will need to show that you can afford to repay the loan based on your monthly income and expenditure.
- If you have a poor credit profile you will have to take action to improve this before you can buy. The kind of actions will depend on your own situation and could include:
- Being more diligent about paying your accounts on time for a period of time;
- Paying up overdue accounts;
- Getting judgements removed; and
- Entering debt counseling.
- The responsibility to improve your credit profile is yours but we can offer some guidance on how to approach this if you are serious about becoming a homeowner.
Do you provide loans?
- Home of My Own does not provide loans.
- We provide assistance to Clients to understand the benefits of homeownership and to become homeowners – as part of this process we will assist Clients to obtain a mortgage loan to purchase a property from our partner banks and financial institutions.