Learn About The Home Loan Process & Save Money

The typical Home Loan Process steps involved are:

The Purchase

  • Seller and Buyer sign an offer to purchase

  • The buyer contacts their nearest Bond office who will appoint a consultant to submit the application to the bank(s)

The Approval

  • The bank approves the home loan and instructs the bond attorney to register a mortgage bond.

The Property Transfer

  • The seller instructs the transferring attorney to transfer the property

  • The title deed and cancellation figures are requested from the bank that holds the bond over the property

  • A statement of rates and taxes is requested from the local authority

The Transferring Attorney

  • The transferring attorney receives the title deed and cancellation figures, and sends a copy

  • The transferring attorney asks the buyer and seller to sign the transfer documents

  • The buyer pays the transfer costs

The Cancellation Attorney

  • The cancellation attorney is requested to cancel the seller's bond on receipt of a guarantee for the amount owing

The Bond Attorney

  • Bond attorney contacts transferring attorney

  • The bond attorney advises the transferring attorney of the amount available for guarantees, and requests the draft deed of transfer and the guarantee requirements

  • The bond attorney prepares the bond documentation together with the buyer

  • The buyer signs the documents and pays the costs

  • The bond attorney prepares and issues the necessary guarantees, forwards them to the transferring attorney, and prepares the bond documents for lodging at the Deeds Office

The Deeds Office

  • All the documents are lodged simultaneously at the Deeds Office by arrangement with all the attorneys concerned

  • The Deeds Office takes about two to three weeks to check the documents before they are ready for registration by all the attorneys on the same day

  • The Bank

  • On the day of registration, the bank pays out in accordance with the guarantees issued

  • Allow at least three months for the registration and transfer of the bond

What could delay the registration of a bond?

  • Failure by the seller and/or buyer to provide personal information

  • Failure by the seller to provide details of the bank holding the existing bond

  • The existing bond holder not providing cancellation figures and title deeds to the transferring attorney

  • Delay in receiving rates figures from the local authority and/or clearance certificates

  • Failure by the buyer to pay a deposit (if required)

  • Delay in the provision of guarantees

  • Failure by the buyer to pay transfer and/or bond costs on time

  • The seller delays the signing of transfer documents

  • The buyer delays obtaining employee income documents for new bondholders, and a failure to comply with other bank requirements

  • The buyer delays the signing the transfer and/or bond documents