Tips for getting your home loan approved

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Improve your chances of getting your home loan approved.

Ensure that all your accounts are paid before the due date. This includes monthly accounts like grocery, clothing, retail and accounts like your Telkom account. Paying these accounts late may get you listed as a late payer and affect your credit score. Some people pay these account on the due date, but do not realise it takes up to another two business days before it reflects in the account, which could then be overdue.

You can obtain one free personal credit report per annum from credit bureaus www.experian.co.za and www.transunion.co.za.

Make sure you pay those small once off bills. People sometimes find a small unpaid bill e.g. a doctor’s bill, from years ago listed on their credit profile.

Pay off as much debt as possible, starting with accounts with small outstanding balances and ones with the highest interest rate.

Try not to be close to using the maximum allowed amount on your credit card.

Pay your rent on time. Tenants can be listed at TPN which is a credit bureau which focus on the rental market. Your paying behaviour can be listed as well as outstanding amounts and your general conduct e.g. if you left the premises in a bad state.

For 2nd and 3rd bond applications your existing bond must be paid up to date and payments must be paid when due.

Credit bureaus: Obtain your free credit profile.
www.experian.co.za
www.transunion.co.za