You are on: Considerations tab

We understand that this is a serious commitment and want to ensure that you are making the right financial arrangements when buying a home and that you are ready for life after the purchase. As such, before deciding on home ownership you may want to ask yourself the following questions:

  • Is buying a home a priority in light of your other life and financial goals such as investing in education or saving for your child’s education?
  • How can you balance buying a home with your other life or financial goals?
  • What are some of the options for funding your mortgage?
  • Have you realistically considered and planned how you will cover all the costs involved in buying and maintaining your home? E.g. insurance, repairs, yard-maintenance?
  • If something happens to you, who will pay the mortgage balance, and what happens to your home and loved ones?

You will be guided through all the questions that you have about funding and covering costs of acquiring and maintaining your property and most importantly, protecting your investment going forward.

You are on: Qualifying tab

Together we can discuss

  • Reducing other debt commitments to prepare for your monthly payments
  • Saving for your down payment
  • Saving for other annual expenses such as home insurance
  • Building your 3-month salary cushion to cover at least 3 months’ mortgage payments and other living expenses in the event of job loss or any other unexpected situation
  • Budgeting for your other monthly expenses

Who can qualify for a Mortgage?

You must be 18 years old and over, earning income that can be substantiated, is sufficient to cover the monthly installments and have sufficient funds to cover the initial costs.


To get you started you first have to decide what type of home you want. Once you have decided, you can come to us and we will help you determine what you can afford based on your savings and income and offer guidance as to what is required to start the application process.

What documents must I have to apply for a Mortgage?

Two forms of photo identification such as a valid national identification card, passport or driver’s permit

Evidence of Income:

  • Current job letter (not older than six months)
  • Pay slips for the last two months
  • If self-employed, financial and bank statements for the last three years

Other required documents:

  • Recent utility bill (no more than 1 month old)
  • Letter of offer/Agreement for sale (no more than 3 months old)
  • Copy of Title deed
  • Valuation Report

How can I make it easier to qualify for the loan?

  • Include your partner’s income
  • Have a good employment record (stability)
  • Demonstrate good savings habits
  • Maintain a good credit rating/history

You are on: Funding your mortgage tab

First, you should consider:

Your income: your mortgage payment should be manageable with all your other fixed monthly debt obligations.

Your down payment: when applying for a mortgage, investing more than the minimum down payment enables you to reduce the amount that you need to borrow.

Do I need any funds to start the process?

Yes, start-up funds are required for the down payment which is usually required when buying a home, bank service charges, cost of a valuation report, legal fees etc.

Is any Security required?

Yes, the property will be held as security and must be insured to cover its replacement cost. Life insurance must be taken out for the mortgagors to cover the value of the mortgage. It is also preferred that your salary is assigned to the bank.

What are your funding options?

  • Option 1Existing Savings: however, it may mean using all your savings to use for only one life goal.
  • Option 2 Set up a Savings Plan: start saving specifically for this purpose. Bear in mind that it may take you 20 to 30 years to save the required amount.
  • Option 3Loan: most of us would need a mortgage when we’re ready to build or buy a home. There are various loan options for buying, building, renovating and furnishing your home.
  • Option 4 Part Loan/Part Savings can be used. In addition to the down payment, many people choose to use some of their savings to reduce their borrowings.

You are on: Terms and Conditions tab

What will be the repayment period of the loan?

Generally, mortgages can be repaid over a maximum of 30 years but this depends on:

  • The age of the client (the loan has to be repaid by retirement age)
  • Client’s preference and ability to repay
    Longer repayment period = lower monthly installment but higher interest cost.
    Shorter repayment period = higher monthly installments but lower interest cost

How much is the interest and how is it calculated?

This rate is determined by market conditions at the time the mortgage is granted but may change over the amortization period. The amortization period refers to the duration of the loan. Interest is calculated on the daily balance and your account is debited on a monthly basis to cover both the principal and interest.

You are on: Life after Purchase tab

Saving for Annual Expenses

As a home owner you will quickly learn that pipes spring leaks, door locks get jammed and home insurance has to be paid every year. You should realistically estimate the annual cost of house maintenance and save for it monthly. Ensure that you have easy access to these savings through the ATM as you may need to access these funds for emergencies

Building your 3-Month Salary Cushion

We highly recommend that you try to have savings set aside to cover at least 3 months’ mortgage payments, bills and other living expenses in the event of job loss or any other unexpected developments. Set up an automatic savings plan to build your 3-Month Cushion. These funds should be kept separate from your savings for annual/maintenance expenses.

Easy methods to track mortgage payments

Once you have acquired your mortgage you need to ensure that you have convenient and reliable ways to track and make your payments. You should utilize Internet banking, ATM and Telephone Banking (where available) to ensure that you have enough funds to cover your monthly installments and that your mortgage and other commitments are being paid on time.

Convenient methods to pay suppliers and workmen

Tiles, cement, furniture, plumbing, landscaping … you’re going to need them all and you will need to have easily accessible funds to pay suppliers and workmen. You may want to consider having a credit card for shopping at hardware and furniture stores. A chequing account with an overdraft facility will come in handy to pay for transportation and workmen.

Protecting your home, estate and loved ones

We can offer the protection that will give you peace of mind. You should consider insurance solutions in the event of:

  • Fire and other risks: you would want to know that you can replace your property and your furniture, appliances and other keepsakes
  • Death: the proceeds of a life insurance policy can help pay off your debt ensuring that your family does not have to worry about this expense
  • Falling behind on your mortgage payments due to any unforeseen circumstances
  • Becoming temporarily disabled due to an accident or sickness, which results in a loss of income
  • Becoming unemployed due to redundancy or retrenchment, your installments and mortgage related expenses are paid

You are on: Checklist tab

  • Come into us today and get pre-qualified
  • Set up an automatic savings plan to save for the costs associated with buying your home
  • Set up an automatic savings plan for annual and maintenance expenses such as insurance, plumbing and electrical work, etc.
  • Call us to find out about our financing options. This will vary depending on whether you’re buying a home or land, renovating or building.
  • Open credit card and chequing accounts to shop at hardware and furniture stores, pay workmen, etc.
  • Use Internet and Telephone Banking (where available) to easily track mortgage installments, other related expenses and standing orders, etc.
  • Use the value of your home to finance other major expenses.