Buying a property? Approach it the smart way – check what you can afford and your purchase power online!

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The real estate industry has been operating in the shadow of technology, compared to other industries. However, as consumers become more aware of the apps and platforms available to them online, they will become more comfortable with beginning and concluding their real estate purchases online, over time.

Although the digital revolution has disrupted the traditional ‘path to purchase’, with the rise of e-commerce, we’ve found that it hasn’t necessarily changed the manner in which consumers process and evaluate the purchase of assets like a house for example.

Meyer de Waal, the creator of the My Bond Fitness (MBF) online platform says, “the purchase of a house is a big deal and highly emotional, especially for first time buyers. The decision to do so should not be taken lightly, because one is committing themselves to a long-term financial agreement.

To guard themselves against scams, some consumers choose to do their financial assessments and home loan applications manually and by going into a bank, which prolongs the purchase process.

We understand the need for consumers to protect their personal information and guard against financial fraud, this is why we’ve incorporated security features like those used by banks, in the development of our online affordability assessment tool.”

With this tool, consumers can quickly and easily establish their affordability and initiate a credit check, so they can begin their property search, knowing how much they could qualify for in a home loan.

Jacqui Setoaba, a Real Estate Marketing Specialist with Keller Williams Realty, South Africa, is a MBF partner and attests to the benefits of using the tool, and their services.

She says, “because the affordability reports are based on real-time credit bureau data, I’m able to match buyers to properties I know they can afford to buy, and can work more proficiently with sellers as well, in getting their properties sold.  If we encounter any problems along the way, I’m able to access a network of experts assisting with debt and affordability improvement through the MBF offering, which gives my clients extra peace of mind.”

We are taking it a few steps further, says de Waal, as we also integrated the My Bond Fitness with free online education for home buyers, assistance for buyers who have affordability and debt repair issues to be resolved, developed a mobile budgeting APP, assistance to obtain access to government subsidies for first time home buyers – Flisp – and also rent2buy finance solutions for those who are almost ready to buy – but not yet there.

Rent2buy Finance is an alternative way to purchase a home, if your bond application to a bank has been declined.

A joint venture agreement was recently signed with a leading mortgage origination company who extensively tested the product and service for more than 12 months. The user experience and application were also applied for the Rent2buy Finance module and in the space of 14 months more than 26 800 users subscribed to this service on the various unique platforms to test out their home loan affordability and credit scores.

Says Jarette Petzer, managing partner – Aura Property Group “For the longest time the process of vetting a buyer in order to prove affordability has been a challenging process, and while bond origination companies have been highly instrumental in the way that this process is now managed, there are still hefty time delays and a real need for improvement. Through Meyer de Waal’s persistence, ingenuity and leveraging of technological resource, we as Aura Property Group believe that the new online bond indicator offered by My Bond Fitness has taken giant leaps forward in addressing these issues by way of automation and systems integration.

It is our view that we are about to witness the next evolution in how our industry does pre-approvals and risk assessment, thus dramatically increasing approval ratings and reducing lead times. Our business understands and supports Meyer De Waals vision which happens to be in line with our own objectives. That is why Aura Property Group has partnered with this amazing company and included this service to our bouquet.

For more information about the My Bond Fitness Offering, email meyer@mybondfitness.co.za.

ENDS

For more information on My Bond Finance and Rent2buy, please contact Meyer De Waal on 082 653 6975.

Additional notes about the My Bond Fitness offering

The affordability assessment tool

  • Makes use of real-time credit bureau data and online banking integration to provide an accurate bond indicator amount within 10 minutes.
  • Streamlines the home loan application process for the mortgage originators.
  • Provides estate agents with an indicator of the home purchase price of an aspiring buyer
  • Differs from a web-based application process in that it does not require manual processing to obtain supporting documents, thus avoiding delays caused by incomplete or incorrect information captured, which could ultimately lead to the loan being declined.
  • Click here, for a demonstration of how the online bond indicator process works

Rent2buy Finance

  • Rent2buy Finance is available for the purchase of property between R400 000 and 1.8 million.
  • Property purchased through Rent2buy should be the buyer’s primary residence.
  • Monthly rental fees are about 3 % higher than normal home loan repayment.
  • After the 24-month rental period the buyer has the option to purchase the property or sell it and benefit of the equity growth after meeting their contractual obligations.
  • First time home buyers can benefit from assistance with registering for the FLISP subsidy, which can be used as a deposit toward the purchase of a home if they meet the qualifying criteria.
    Statistics show that the average deposit for first-time buyers as a percentage of the purchase price had declined to 12.5% in the first quarter from 14% in the first quarter of last year and that the average deposit over the entire market has also declined, by 6.4% year-on-year. *Ooba

Website: www.mybondfitness.co.za

Online subscription:  https://mybondfitness.co.za

Rent2buy Finance subscription: https://r2b.mybondfitness.co.za

Video animation re Rent2buy: https://www.youtube.com/watch?v=Wr1G4t-iCBc&feature=youtu.be

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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