As a first-time potential homeowner, it can be quite a daunting task ahead of you if you are unsure of the requirements and documents you will need to ensure that your application for a bond is successful.

Here are some of the requirements and documentation that you will need to avoid disappointment on applying for your first bond.


Before considering applying for a bond, check whether the property you have your eye on is affordable. Determining the right price range is an essential first step so that you avoid wasting time looking the unsuitable properties.

A property finance consultant will take you through the steps to establish what bond you can afford. Monthly repayments after existing debt commitments are taken into consideration as well as living expenses.

Credit record

A clean credit record can be the difference between a successful application and a rejection. The financial institution s going to check your credit rating and if it finds that you are a good credit risk it will assess the property you wish to purchase and may grant the housing loan. However, if your credit score is low, more often than not the application for the bond will be rejected. It is vital to maintain a clean credit rating.

Documentation requirements

If you are an employed person, you will need to submit the following documents on application;

Proof of income

A copy of your latest payslip, in the case of commissions or overtime, you may be required to provide three months of payslips.

Bank statements

You will need to provide the last three months of your personal bank statement

ID document

A copy of your ID document is required

Copy of marriage certificate

A copy of your marriage certificate or ANC contract if you are applying as husband and wife

Purchase agreement

A copy of the purchase agreement for the property

Assets and liabilities statement

A copy of your personal assets and liabilities statement depending on the value of the bond amount you are applying for

If you are self-employed the documentation requirements are slightly different

Proof of income

You will need to provide proof of income. A letter of drawings from an accredited accountant

Bank statements

Copies of the last six months of your personal bank statements

Assets and liability

A statement of personal assets and liabilities

Business statements

A copy of the lastest six months of your business bank statements

Annual financial statements

Copies of the latest two years of financial statements

ID Document

A copy of your ID document

Marriage certificate

A copy of your marriage certificate or ANC contract

Purchase agreement

A copy of the purchase agreement for the property in which you are applying for a bond loan

Final thoughts

Buying a property is a sizable investment. Ensure you consider all the factors and do your homework before signing on the dotted line.

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