Frequently Asked Questions

Below are a few answers to some questions that we regularly receive.

You’ll need to provide us with the following documentation.


  • Proof of income: your latest salary advice. If you earn commission or overtime, please provide the latest 3 salary advices (for both applicants if applicable).
  • Latest 3 months personal bank statements (for both applicants if applicable).
  • Personal Assets & Liabilities Statement for loan amounts over R1 500 000.
  • Copy of your ID document (for both applicants if applicable).
  • Copy of Marriage Certificate or ANC Contract (if applicable).
  • Copy of the Purchase Agreement. (For a new purchase loan)
  • Latest 3 months bond statements. (If switching home loans)
  • Latest rates/Levy Statement/Utility account statement. (If switching home loans)



  • Proof of income: Letter of Drawings from an Accountant (for all applicants if applicable).
  • Latest 6 months personal bank statements (for all applicants if applicable).
  • Personal Assets & Liabilities Statement.
  • Latest 6 months business account bank statements.
  • Latest 2 years’ Annual Financial Statements.
  • Where Annual Financial Statements are older than 6 months to date, Current Management Accounts not older than 2 months signed by the applicant and accountant must be provided in addition to the Annual Financial Statements.
  • Copy of your ID document (for all applicants if applicable).
  • Copy of Marriage Certificate or ANC Contract.
  • Copy of Registration Documents or Trust Deed.
  • Copy of Purchase Agreement. (For a new purchase loan)
  • 12 months bond statements. (If switching home loans)
  • Latest rates/Levy Statement/Utility account statement. (If switching home loans)


Contact us on: 011 540 2670 should you have any further queries

Having a good credit score is a valuable asset as a potential home buyer. This will influence the size of the loan repayment and interest rate while giving you the power to have a favourable financing rate.

You should check your credit score before applying for a loan as each application will also lower your credit score. As a South African, you are entitled to a free copy of your credit record every year.

The credit score is rated between 0 – 999. The higher your credit score is, the better your credit profile, and the lower your risk will be, of defaulting on an account or loan. Using details from your credit profile it reflects a summary of your financial decisions. A credit check will be done on you by each institution when applying for a home loan, which is why it is important that you know your credit score before applying.



When you start transacting with financial institutions, retailers etc you are building a financial history, this then determines the amount of money you have borrowed and how much you have paid back on time.

  1. Not paying on time or missing a payment. (Even if you make a double payment to catch up this will still affect your credit history). This history remains for a number of years as a negative repayment history even after the account is settled.
  2. Having too much debt or taking on debt very quickly. How much of your available credit you are using. It is recommended that you keep your current facilities to less than 35% of your limit.
  3. Court Judgements against a consumer’s name otherwise known as blacklisting.
  4. Insolvency.
  5. Credit history length.
  6. How many account applications you have submitted, how many new accounts you have opened. Account enquiry activity within a short period of time.
  7. Your credit history needs to be longer than 6 months old, as this is the time frame used to calculate your total score.
  8. Late or missed payments in the last 6 months.
  9. Few credit accounts could mean the less history available on your profile.



  1. Check your credit report to confirm the details are correct.
  2. Pay your accounts by the due date, or if you have difficulty contact your credit provider to reassess your repayments.
  3. Possibly set up automated payments to ensure they are paid on time.
  4. Possibly close any unused credit accounts.
  5. Should you be reaching your credit limits on one or more of your accounts, try and reduce the outstanding balance as this means you have a lot of outstanding debt to your name.
  6. You need to remain consistent with repayments that need attention. Maintain them, as you progress your credit score will automatically update.
  7. If you have had a few bad experiences this will only affect your credit report for 2 years, whereas if you have had more serious experiences like late payments, lawsuits, bankruptcies, and tax liens these will stay on your record for up to 10 years.


*Note: Consult your O-YES home loans consultant about determining how much the banks/financing institutions would be prepared to lend you with your current income and expenditure.

Please make sure the details are correct on the credit report, if there is an issue please contact Experian on 086 110 5665 as they can assist in amending it.


Other Resources:


So you’re thinking about buying your first home? It is an exciting time and O-YES Home Loans is here to assist you every step of the way!

No doubt you are nervous and excited about purchasing your first home, as it is one of the biggest financial investments you will ever make. Therefore you will have many questions about how it works.

Experts in home financing, O-YES Home loans are here to help you with all the answers as well as any valuable information you may need.

How prepared are you to buy your first home?

You may have already taken a peak as to what you are looking to buy, and with some beautiful homes on the market, you should establish whether you are ready to make a substantial ongoing financial commitment. Ask yourself if your income is sufficient to support a bond? How stable is your income?

If you have a secure position with a regular, monthly salary you probably have a good idea of how much you can afford to spend on a new home. Self-employed individuals may have an unpredictable income, which could make it difficult to know if you are in a position to purchase a home. Let one of our experienced, O-YES Home Loans consultants guide you through this process, they will verify your financial earnings and can assist you to understand your affordability by calculating what you qualify for.

There are costs and fees associated with the purchasing of a home. You will need to have saved for a deposit on the home. Have you budgeted for moving expenses? Home-owners insurance and rates are also costs associated with homeownership. You will need to calculate your monthly expenses as well as the costs associated with buying a new home. A guideline is bond repayments, taxes and property insurances should not exceed 25% – 30% of your gross income. Responsible lenders will not approve a loan that exceeds 30% of your joint gross monthly income. Try and pay off other debt you have, personal loans, credit cards, clothing accounts etc, before applying for a home loan.

What should you consider?

What kind of property do you need? While it may not be your dream home, it should meet your immediate and mid-term needs. A couple with a busy lifestyle might find a small/low maintenance apartment that is lock-up and go which might suffice, however, if you have a family and pets this may not be the most practical property for you.

What housing needs do you have? Perhaps location is important to you, your work may mean you need to travel, distance to the nearest grocery store, schools, doctors etc. Is the area known for security and safety? Sought after areas are more likely to have homes that appreciate in value.

Once you have narrowed down the area and type of home, you are ready to begin your property search.

The length of time can vary depending on what your requirements are. Often it can be a lengthy process, and you will learn more and more about what you do and do not want.

Once you have found that home you are happy fits your needs, try not to let it go or continue to shop around, if it is the right price and suits your needs, buy it.

Helpful tips for buying your first home.

  • Take photos, they will help you recall details of the homes you see. When you are viewing a lot of properties it can be confusing what you saw. Mobile devices have very good digital cameras and are ideal for this purpose.
  • Take notes, as you go through the home note down features, design, size or potential, whatever you liked about the home that could influence your decision.
  • Pay attention to the area and position of the house. How close are amenities? Do you like the neighbourhood?
  • Once you have shortlisted the homes you like best, go for a second viewing of them all to narrow down those finer points that will help you in your decision.
  • You have found your ideal home, it is time to seal the deal! You need a bond! Now is the time to speak to your O-YES Home Loans Consultant. There are a lot of financing options available, your O-YES Home Loans Consultant can help you navigate the best solution that meets your requirements. It is important to remember that whoever your selected lender is, it will be a long term relationship.


We have some calculators available to assist you in how much you qualify for.

Find out whether you qualify for a bond immediately.

You can use our home loan repayment calculator to find out. Now that you have established that you could potentially get that home loan, complete our form and we will get in touch with you.

Your Home Loans consultant will assist you in getting pre qualified, as well as advise what documentation you need to apply for a home loan.

Other Resources:

Applying for a home loan is one of the biggest financial decisions you make, as a result, you will ask everything you can about knowing all the ins and outs of the home. Any defects, price but also what kind of financing options are available to you as a buyer, you should do your research thoroughly before making such a big financial decision.

Your needs are unique, not everyone has the same needs when applying for a home loan, so you need to find a home loan provider that suits your needs. That is where O-YES Home Loans comes in, we are here to guide you through the process and find a solution that best suits your individual needs. Best of all? You don’t pay for this service.

What should you consider when choosing your provider?

  1. Service: You will enter into a long-term relationship with your home loan provider, and they will be looking after your substantial financial needs. This is why it is imperative that you feel comfortable knowing that this provider will be committed to you and your needs. At O-YES Home Loans we match the needs of the buyer together with those of the different lenders available. Being professionals in the industry we understand the home loan language, we guide and advise you throughout the entire process, we make it easy for you, and our dedicated team of consultants is there for you.
  2. Trust: You need to know you are being looked after, you are important to us. This is a big financial decision for you and we understand this. We have a responsibility to protect clients and their financial health. As a result, lenders are obligated to decline applications where there is a possibility of reckless credit lending. We will advise you on how to improve your credit score and improve your chances of getting a home loan granted. The National Credit Act enforces this.
  3. Additional Products: Not only do we assist you with finding your perfect lender match, we also have other products to assist in making your journey even simpler. When you apply for your home loan, the lenders require you to have homeowners insurance together with the home loan. Not only can we offer you homeowners insurance but we can assist you in getting your contents insured as well as any other short-term insurance requirements you may need.
  4. Communication: It is very frustrating hanging on the other end of a phone or waiting days for an email response. At O-YES Home Loans, you get a dedicated consultant to look after your needs and answer all your questions. It is our belief that you should be kept abreast of any updates or information with regards to your application. Queries can arise at any time which means we need to keep communication channels open with our clients at all times. Our clients have a dedicated consultant they can call on at any time to provide answers throughout the process.
  5. After Sales Service: Our dedicated consultant and support staff will be at your side to assist you with any queries and provide answers until registration. If you have any questions after registration at any time we will gladly answer your questions. We can also assist you to restructure your loan if your situation changes.


At O-YES Home Loans we specialise in home loans, this gives us unique expertise in the industry, we are versatile enough to assist you countrywide. Our dedicated consultants only work on home loans and build relationships with their clients.

Your dream home and assisting you in financing it is our passion, we will endeavor to do everything we can to assist you in getting the home loan, when declined we still want to help you resolve any issues that can be rectified to attempt again at a later stage. 

We pride ourselves on our service and making your dream home a reality. The consultants that support you are part of a larger team dedicated to making those dreams a reality.

Other Resources:

Understanding the importance of the full cost implications of purchasing a property helps a buyer to be financially prepared. There are a number of once-off fees that vary between legal and administrative costs.

Transfer Duty

This is a Government Tax that is levied for transferring a property from the seller’s name into the name of the buyer. The attorney receives payment for this and they then in turn pay it on behalf of the buyer to the South African Revenue Services. The property will not be transferred until this has been paid to SARS.

The amount you pay may vary depending on the purchase price of the property. Properties under R1,000,000 do not pay a Transfer duty, properties above R1,000,001 will be calculated based on the different tax thresholds depending on the value of the purchase price. SARS Transfer Duty Rates Based On Purchase Price

Bond Registration Fees

If you are applying for a home loan there is a once-off fee to the Deeds Office, this is for the legal registration of the home loan. It is a fixed amount that is determined by the amount of the home loan and is then paid to the Deeds Office prior to registration of your home loan. The seller’s home loan is canceled at the same time that your bond is registered and then the transfer will be registered with the deeds office.

Postage, Petties, and Sundries

The Registering (Bond) Attorney will charge you a small fee for the postage of all necessary documents (i.e. to you, the Deeds Office, estate agent etc.) to register the property in your name.

Conveyancing Fees

This is the fee, determined on a sliding scale determined by the value of the property, paid to the conveyancing attorney for registering and transferring a title deed into the name of a buyer.

Once You have Purchased

Monthly Commitments:

  • Levies & Taxes
  • Bond repayments
  • Rates (Water & electricity)
  • Insurance


Building Protector Insurance

This is a mandatory requirement when securing a home loan. This cover includes items such as geysers bursting or wear and tear, damage to the structure of your home, fire, lightning and other unforeseen events etc. which protects your newly acquired asset from serious and very costly damage.

Bond Protector 

In times of COVID it has certainly become evident just how important it is to have cover like this. This cover protects you and your family from losing their home in the event of death, retrenchment, disability or dread disease. It is immediate and can be finalised in a single call.

Maintenance of your home

Upkeep of your home is necessary and the reality of being a homeowner. This is part of looking after your property investment, and it is recommended that you budget for unforeseen maintenance work.

Taking the time to fully understand your financial commitment to your new home means you are ready to begin the process. We have put together a lot of information to help you through the process on our website, but feel free to contact us, we would love to hear from you and assist you on your journey to home ownership.

Other Resources:

Property Auctions: How they work and what you need to know

Auctions are fast becoming one of the most popular ways to buy property in South Africa. With the drama of the bidding contest, make sure you’re prepared with an understanding of how they work and what you need to know before bidding.

Auctions are subject to a range of rules and regulations. This quick guide provides an introduction to what to expect and tips on how to prepare if you plan on bidding at an auction.

Because of the public nature of the bidding process, and the need to pay the Buyer’s Premium and sign the contract after the winning bid, you need to be well prepared before going to bid at an auction. Here are some things to bear in mind.


Common auction terminology

Anyone looking to bid at auction should have an understanding of the jargon that goes along with it. Whilst this is not an exhaustive list, here are some of the key terms you’ll need to be across:

  • Reserve price refers to the price under which the auctioneer can’t sell without the express approval of the owner. In other words, it’s a bit of a safety net for the seller. When bidding at an auction reaches the reserve price, the property is regarded as ‘on the market’. Once this happens the property seller will accept the highest and final bid.


How do you buy at an auction in South Africa?

Auctions do not have a cooling-off period and are usually an unconditional offer, unless the buyer and owner agree on any additional clauses prior to the auction commencing. If your bid is successful,  the Buyer’s Premium must be paid and contracts signed immediately following an auction. It’s important you go into an auction prepared to complete the sale if your bid wins. If you pull out of the sale, your Buyer’s Premium will be lost and you could be liable for any damages the seller suffers as a result.

Understanding home loan pre-approval

It may be a good idea to have your home loan pre-approval ready before you start house hunting. A home loan pre-approval is when a lender assesses your finances and credit rating to arrive at a decision on how much you can afford to borrow. With this information, you can then start looking for properties that are within your financial range and not get too carried away.

Learn more about how much you could afford in our handy guide: Everything you need to know about home loan affordability.

It’s important to note that a pre-approval does not mean you are 100 per cent guaranteed to receive a final loan approval. Be sure to keep your lender up to date with your financial situation including the property you plan on bidding for.

Buyer’s Premium Requirements

Although you may be able to agree on a different amount of Buyer’s Premium with the vendor before the auction starts, the buyer’s premium amount is set in the contract of sale and is typically 10 percent of the property’s sale price. It is important to know that there is no cooling-off period for properties sold at auction, so if you are the highest bidder you will have to provide a Buyer’s Premium immediately after the auction ends

Settlement date

The seller sets the settlement date in the contract of sale. As a general rule, property settlement periods are usually between 30 and 90 days, however, this may vary.

If you are unable to follow through with the contract, you will lose the Buyer’s Premium paid and may be liable for any loss suffered by the seller.

Tips on bidding at an auction

Whilst there’s no sure-fire formula for success at auction, here’s some general tips that may help:

Do your research

You’ll need to have conducted all your pre-purchase checks and research before auction day. Think of pest and building inspections, strata reports for units and undertaking your own due-diligence.

Know your obligations

Given the demands on the winning bidder at an auction – providing the Buyer’s Premium and signing the contract, and the fact that there is no cooling-off period – it is essential that anyone looking to buy a property at an auction has sought advice on  the legal requirements in their province, the terminology involved and the health of their own finances.

Have your finances in-check

Because you need to pay a Buyer’s Premium at the conclusion of the auction, you’ll need to have your finances ready to go before registering on the auction day. This includes having your Buyer’s Premium readily accessible.

Bid confidently

Try to maintain clear lines of communication with the auctioneer and ensure they know how much you want to bid and what increments you’d like to increase your bid by.

Know your limits

When making split-second bidding decisions, it’s important to know your upper financial limits; have an ideal price range and an upper limit to know when you need to stop bidding.

Online auctions: What are they and how they work

eBay for houses? Not quite, however the advent of online auctions has allowed for property auctions to continue throughout COVID-19 related lockdowns and allows you to purchase from anywhere in the world.

This could allow potential purchasers to see the outcome and bidding process of other comparable properties before bidding for real.

How do you register for an online auction?

If you’re intending to bid, you’ll need to set up an account on the chosen platform ahead of time and complete an ID verification – usually requiring your driver’s licence. The details will be passed onto the agent you’ll have visited when inspecting the property. You will probably need to pay a registration fee which will be refunded if you are not the winning bidder. 

How can you watch one?

Online auctions can be watched by anyone with a registered account on the chosen platform.

When the auction kicks off, you’ll see a livestream of the auctioneer who could either be on-site in the property or even in their office or a dedicated broadcast space. It all depends on the agency and auctioneer setup.

The auctioneer will make it known when the property is officially on the market, and you may notice the real estate agents will be speaking with serious bidders throughout the process.

The major advantage for onlookers is easily getting a summary of the bidding history throughout the auction. You’ll be able to see who made what bid, and the increments bidding increased by. This is a great way for potential purchasers to get into a rhythm of auctions and understand how the bidding process could work.

If you’re considering purchasing your first home through an auction, start with our simple home loan borrowing power tool to see how much you may be able to borrow with O-YES Home Loans. 

You can also contact one of our Lending Specialists on 010 822 7223 to find out more about your home loan options today.

Want to find out where you stand?

We’ve got the online tools and calculators needed to help get your home loan journey underway. Work out how much you could borrow and even quickly find out what interest rate you might be eligible for.


Simply contact us and one of our Home Loan Specialists will provide you with all of the information you need, with no obligations.