Odds of getting homeloan

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zenmeister

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There's a 25 year old earning 13k take home 10k car is paid up not much monthly expenses +- 1.5k has 80k saved up for deposit and transfer costs etc. What are the odds of him getting a home loan to the value of 400k?
 
In the current market, probably not very good... but you will never know unless you try.
 
I say the odds are very good, pretty much guaranteed, if you have a clean record and can put down a 10% deposit.
 
I think you are right on the edge of the affordability calculation with the deposit you have so you can only try.
 
efitol said:
I say the odds are very good, pretty much guaranteed, if you have a clean record and can put down a 10% deposit.
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Find a bond originator, fill out the forms and get him to do the dirty work for you. I'm working with a guy from Rawson Finance.
 
zenmeister said:
There's a 25 year old earning 13k take home 10k car is paid up not much monthly expenses +- 1.5k has 80k saved up for deposit and transfer costs etc. What are the odds of him getting a home loan to the value of 400k?
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How stable is your job? And it should be extremely viable if you have a steady income.

20% deposit and disposable income of i am guessing around 5-6k / month, should really heavily count in your favour.
 
zenmeister said:
There's a 25 year old earning 13k take home 10k car is paid up not much monthly expenses +- 1.5k has 80k saved up for deposit and transfer costs etc. What are the odds of him getting a home loan to the value of 400k?
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Your monthly expenses are R1,500? Mind giving us a breakdown, because that sounds like you are heavily subsidised somewhere.

Medical aid, petrol, insurance, food, cellphone will already be pushing R1,500, and that's if you really do budget very well.
 
Makes no difference what his monthly expenses are really...

His Gross is R13k, as per the NCA the bank cannot give him any more than 1/3rd of that... (less affordability of course)... which is about R4k per month, so on a 20year Bond he is at the extreme end of affordability at around R420k.
 
Very good odds! I got 400K loan offer from FNB when I was earning a similar salary. I didn't have any savings, just went online and did an application.
 
ToxicBunny said:
Makes no difference what his monthly expenses are really...
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Makes no difference to the bank, but it might make a difference to him if he's gone from living at home with the folks to paying his own way. He also needs to take into accounts water and lights, rates and levies etc.
 
TehStranger said:
Makes no difference to the bank, but it might make a difference to him if he's gone from living at home with the folks to paying his own way. He also needs to take into accounts water and lights, rates and levies etc.
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Oh I agree..

But in terms of getting the homeloan itself from the bank it makes very little difference.
 
ToxicBunny said:
Makes no difference what his monthly expenses are really...

His Gross is R13k, as per the NCA the bank cannot give him any more than 1/3rd of that... (less affordability of course)... which is about R4k per month, so on a 20year Bond he is at the extreme end of affordability at around R420k.
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I read it as his take-home (i.e. after tax and other deductions) is R13k, so gross is closer to R15k.
 
TehStranger said:
He mentioned a R10k take home in the OP.



Which for a single young man looking to live close to work who does most of his socialising away from home is perfect.
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Ahh yes, not often at home, some respite from the dustbin nazis aka the body corporate
 
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