# Purchasing property



## Anesu15 (May 28, 2015)

hello everyone, I was just wondering how about we share our experiences on purchasing property such as houses and other things. Or if it's being discussed on other page please kindly refer me. I was told yesterday that if you need to buy a brand new car even if you have sa Id but no permanent job bank consider you as highly risk yet I know of other who bought using work permits. Then I am wondering ones this also applies when buying a house?


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## ernal (Jul 16, 2014)

yes it applies ,cos the bank is a financial credit institution u need to meet all their requirement and it helps if you have a work permit or PR if you a foreign nationals and a permanent employment. Just doesn't help having permit or i.d you need all requirement as stated by the bank.Goodluck


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## j0ty (Apr 23, 2014)

Let me share my experience. I am in the midst of purchasing a property with my spouse (SA citizen). As I am using cash payment, there is no issue with me purchasing one since I do not need to get a loan/bond from the bank. There is definitely no issue with foreigners purchasing/owning property here, the only barrier is getting a loan from the banks, thus you need to have employment/valid permit. I have another friend (also foreigner on spousal visa) who has also purchased a house under her own name.


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## zizebra (Mar 11, 2012)

I can tell you that i am having nightmares buying a house. I have been given all sorts of reasons by banks trying to deny the loan and every step has been a pain. Are you single or married because that may determine how much problems you get from banks. But you may also equally be lucky and everything sails through without a glitch. I have friends who struggled like me and friends who sailed effortlessly.


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## j0ty (Apr 23, 2014)

zizebra said:


> I can tell you that i am having nightmares buying a house. I have been given all sorts of reasons by banks trying to deny the loan and every step has been a pain. Are you single or married because that may determine how much problems you get from banks. But you may also equally be lucky and everything sails through without a glitch. I have friends who struggled like me and friends who sailed effortlessly.


As I said, I paid for my property in cash thus I do not have to deal with the banks. I am married to a SA citizen. In case I am not able to get a loan, my hubby would be able to.


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## zizebra (Mar 11, 2012)

j0ty said:


> As I said, I paid for my property in cash thus I do not have to deal with the banks. I am married to a SA citizen. In case I am not able to get a loan, my hubby would be able to.


Yes you told us, iam also sharing my story with with everyone else who intends to get a loan. I assumed that he/she will be getting a loan. 

Of course cash wont require Bank to make your life difficult in South Africa.


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## TheDarkOne (Jul 27, 2015)

Apparently when buying a property if one partner is foreign and the other one local you need +50% deposit.
Went to all the banks and SA Home Loans etc.


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## Jack14 (Oct 26, 2014)

TheDarkOne said:


> Apparently when buying a property if one partner is foreign and the other one local you need +50% deposit.
> Went to all the banks and SA Home Loans etc.


why not let the SA citizen apply for the bond alone, it doesn't have to be a Joint application, that way the SA Citizen will get 100% bond


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## zizebra (Mar 11, 2012)

Jack14 said:


> why not let the SA citizen apply for the bond alone, it doesn't have to be a Joint application, that way the SA Citizen will get 100% bond


Generally the law does not allow this if you are married legally. The law requires the spouse to sign as consenting spouse, butit seems the banks uses their discretion. Thus the bank simply tells you that if you are married, then community of property rule applies. When they use this rules that means your bond becomes a joint bond. They do this to limit eligibility for foreigners.


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## TheDarkOne (Jul 27, 2015)

Jack14 said:


> why not let the SA citizen apply for the bond alone, it doesn't have to be a Joint application, that way the SA Citizen will get 100% bond


If married in community of property then this is not possible. Wish we had known before we got married.


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## ernal (Jul 16, 2014)

Thats not true, i am married and still on temp residency permit, she applied on her own capacity i was just a spouse married in COP and yes we both had to sign but didn't have any issues with securing the loan, just make sure you have a moderate deposit, and also who ever is in process of your bond, or the bond originator knows, but like the other person said, let her apply alone, i never gave any of my own finances, she did alone and the bond was approved. Change your agent if you having a hassle.


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## Anesu15 (May 28, 2015)

We are both permanent residence , employed what are our chances


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## Anesu15 (May 28, 2015)

TheDarkOne said:


> Apparently when buying a property if one partner is foreign and the other one local you need +50% deposit.
> Went to all the banks and SA Home Loans etc.


We Are both permanent residence so does it mean we might get 50%


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## TheDarkOne (Jul 27, 2015)

Anesu15 said:


> We Are both permanent residence so does it mean we might get 50%


In my case i'm on a spousal visa and my partner is the citizen. Hence they said the need for at least 50% deposit upwards depending on our credit history.

Dont know how they would treat it when both are permanent residents.


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## Anesu15 (May 28, 2015)

Hopefully the application will go well coz on pre qualification the amount that they say we are worth we only need half of it. Will update you coz they say results will get to know them around next week


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## zizebra (Mar 11, 2012)

You must have the green book to qualify for more than 50%. Or you must have really good salaries to stand a chance. If this is not the case the you must be really prepared to fight for this as they will not make it easy if you don't have IDs.


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## ernal (Jul 16, 2014)

Guys stop getting it wrong, even if you on PR, your application is solely decoration of the bond originator, some banks give 100% some don't. The more debit u have the better, funny but thats how it is. With absolute no form of debit banks might consider your profile unknown, speak to your agent that why they get paid they know all these things. if you in PTA or DBN i can recommend you a good agent.


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## zizebra (Mar 11, 2012)

ernal said:


> Guys stop getting it wrong, even if you on PR, your application is solely decoration of the bond originator, some banks give 100% some don't. The more debit u have the better, funny but thats how it is. With absolute no form of debit banks might consider your profile unknown, speak to your agent that why they get paid they know all these things. if you in PTA or DBN i can recommend you a good agent.


This has nothing to do with bond originator. But you are right on the deposit. The higher the deposit the higher the probability of you getting a bond. But you must still have an ID to increase your chance and you must have a good salary as well to increase your probability. Remember this is about risk. Banks don't want to risk anything but they want a good return on your bond.

Bond originator takes the pain away from you. They do everything for you while you sit and relax. Because they do it so often they have a better understanding of requirements that will get you a bond. 

In my case, I had two bond originators from ooba. One worked against me because I am a foerignor and one was fought for me tooth and nail and managed to get me 90% from 2 banks. I went myself to other banks where he had failed and I got 90 % and 95%.

One more thing most banks may give up to 100% if the bond is below 1,5mil. If the amount is higher, then the max 90%.


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