As a group we have been aligned to South Africa’s leading Bond Originator, BetterLife Home Loans, and they have been able to assist our Property Purchasers for the last decade plus with origination and the financing of their properties.

To help and aid in understanding, we've listed several of the most commonly asked questions we encounter around bond origination.

If you have any further questions or would like any more advice about obtaining a home loan or origination products, please contact your local Chas Everitt Agency or go to the BetterLife Home Loans website for more detail.

Some of the questions commonly asked around bond origination services include:

Some of the Questions Commonly Asked Around
Bond Origination Services

What do mortgage origination companies actually do?

The Mortgage Originator offers a service to Chas Everitt home buyers in which they assist you in your application for a home loan.

As a group, Chas Everitt’s preferred originator, BetterLife Home Loans, has contracts with most of the leading banks offering home loans. These banks will tender a fee to BetterLife Home Loans for their origination services.

Does the fee earned by the originator for getting my home loan mean that
there are additional hidden costs?

No - it actually doesn’t. There are no hidden costs. The fees that you pay the bank & the transfer attorneys or bond attorneys remain the same regardless of whether you use BetterLife Home Loans mortgage origination services or not.

What will the Bond originators service cost me?

The service provided by BetterLife home Loans as your chosen origination company is free of charge.

What documents will I need to provide for a Bond Originator?

It makes sense to be prepared and there are many variants when it comes to Applicants and if you are buying in your personal capacity or as a company or trust. See our page on Home Loan Supporting Documents for details.

By using the Bond originators services, will I be able to obtain a lower rate?

Not necessarily – and a bank might offer you the same rate on a home loan whether you used mortgage origination services or not. The bank decides on the rate, not the bond origination company. These days’ lower rates are also rarely offered by the banks. A BetterLife Home Loans consultant, however, will motivate your application to obtain the lowest possible rate on your behalf.

Do I follow up my application with the bank or the originator?

The bond origination company tracks applications on your behalf; so they are the point of contact post submission of the home loan application for you. In this way bond origination companies are able to save you a lot of time and effort by chasing things up with the bank for you.

Once the mortgage application is submitted, how long does it take for
approval?

Normally, you will receive confirmation within 48 to 72 hours, but due to ever changing bank criteria around home loans in today’s market, it does sometimes take longer. However, should this process take longer they will track the application and keep you informed.

What’s the difference between an “approval” and a “final bond grant”?

The granting Bank or financial institution will "approve" your home loan based on your supporting documentation submitted and on your credit history. A "Final Grant" is awarded only once the formal property valuation has been completed. The onus is on you to supply the bank with the necessary details for the valuator to perform the property valuation. Incorrect or incomplete details delay your bond application.

Why do I need to sign so many documents at the transfer attorneys?

Transferring property and the granting of home loans is a convoluted and complex process. In terms of the home loan documents, you are entering into a legal agreement with the bank for a significant period of time – anything up to thirty years, which means that all parties need to ensure that relevant terms of the loan are recorded and acknowledged, and comply with legislation. [Click on the link for more information on the property transfer process]

Will non-payment of my home loan impact on my credit rating?

Any non-payment of your monthly home loan installment may adversely affect your credit rating and your ability to obtain credit in the future. It is extremely important to stay up to date with your monthly repayments to the bank.