Our highly personalised service is FREE and without hidden costs.
Why choose Green Door Home Loans?
Frequently Asked Question
- For your initial pre-approval we’ll ask questions about your income, expenses and employment.
- Once you start the application process we’ll need to verify the information you gave us with specific documentation, such as the last 3 month’s bank statements and payslips.
- Your pre-approval is an essential tool when house shopping, because it…
- Determines what homes are in your price range
- Assures real estate agents and sellers that you are a qualified buyer
- Can be used to your advantage in future negotiations
Our Home Loan application and Pre-Approval services are absolutely FREE, with no hidden costs, as we receive a commission from the banks for our services.
- To pre-approve you for a home loan, we base our calculations on your most accurate and up-to-date income and expenses. We then give you a clear indication of the home loan you could qualify for.
- We do a quick credit check – without affecting your credit profile – to tell you your latest credit score. Then we can confirm whether you could reasonably expect to qualify for a home loan.
Once you have been pre-approved, you can start your property search.
Knowing what you can afford makes it a lot easier to focus your search for a home.
It saves you time and money because you can filter out the properties that don’t fit your budget. When you find a place you would like to buy, you will put in an Offer to Purchase (OTP) and if the Seller accepts, we’ll get your home loan application underway immediately.
- If we have pre-approved you for a home loan, all you’ll need to do is send us your signed OTP and we’ll finalise and submit your home loan application to the banks without delay.
- If you have not pre-approved for a home loan, we will tell you what documents you need to supply so that we can finalise and submit your home loan application to the banks.
- We provide application assistance to 8 financial institutions, while monitoring progress providing continuous feedback and updates.
- We negotiate the best possible interest rate for you giving you the option to choose the offer that best suit you.
All you have to do, is provide the required documents and fill out a single application. From there, we will handle your entire home loan application. To give you an idea of the whole process, these are the steps:
- Home loan application submission. You provide the required documents – personal information, signed OTP, etc. – and fill out a single application. We then prepare and submit your home loan application to the banks.
- Review the banks’ offers. We will come back to you with different home loan and interest rate offers from the banks and you can choose the one that best suits your budget.
- Bank valuation. The chosen bank will assess the property you are looking to buy, to confirm its value.
- Approval in principle. After doing a valuation of the property, the bank will provide what is called an Approval In Principle (AIP).
- Formal grant & registration. Once the bank valuation is done, your home loan is formally granted by the bank, and the bond attorneys are instructed to register your bond.
- Insurance. As a homeowner, you need to budget for insurance to protect your biggest asset. Our insurance partners, BetterSure Financial Consultants, can assist you with comprehensive insurance at very competitive rates.
This is based on the value of the property and is payable to SARS every time a property changes owner. Since February 2020, no transfer duty has been charged on properties of up to R1 million, and if you buy for more than R1 million you pay no transfer duty on the first R1 million. If you’re buying into a brand-new development, there’s no transfer duty either and VAT is included in the purchase price.
You pay these to the attorneys who handle the transfer of the property to your name. Transfer costs are calculated on a sliding scale, based on purchase price. Transfer duty and transfer costs are not the same, so the R1 million transfer duty exemption does not apply to transfer costs.
Paid to the bond attorneys who register your home loan at the Deeds Office, bond registration costs are based on recommended tariffs. They depend on your home loan amount and could differ from one law firm to another.
- Free home loan service.
- We have established relationships with up to 8 financial institutions in South Africa.(ABSA, FNB, Investec, Mercantile Bank, Nedbank, RMB, HIP and Standard Bank)
- Personalised Service and one-on-one focus to get you your home loan.
- No queues or call centres.