|There is hope for those who desperately want to buy a house even if their home loan application has been declined, according to property attorney Meyer de Waal.
De waal, who is the director at Oosthuizen & Co Meyer de Waal, told Fin24 in a video interview that there is a way for consumers to still get a bond even if they have been turned down by banks.
He said usually when a bond application is rejected; it is based on a client’s poor credit scorecard.
“Why do you need a bank from day one to conclude your transaction? Everyone is so fixed on going to a bank to get a home loan. We say, park the bond or the bank a little bit outside for a year or two.
“You’ve got a willing seller, you’ve got a willing buyer and you’ve got a property. Those are the most important ingredients to negotiate a transaction,” said De Waal
Meyer de Waal, who developed and fine-tuned the rent2buy concept was recently interviewed by Fin24. To follow the interview click here