BOND-FREE PROPERTY
MAXIMISE YOUR PROPERTY VALUE
Bond-free properties can be used to consolidate debts using your property's equity to alleviate financial stress, make significant purchases without depleting savings or acquiring extra loans, and enhance your property to generate additional rental income, transforming your investment into a wealth-generating asset.
EXISTING PROPERTY OWNERS
Are you sitting on a valuable asset? Your bond-free property is not just a place to call home – it's a financial powerhouse waiting to be tapped! Imagine turning your property into a source of funds for debt consolidation, purchasing that dream item, or making investments that matter.
- Debt Consolidation: Say goodbye to financial stress by consolidating debts with the equity in your property.
- Dream Purchases: Make those important purchases without compromising your savings or taking on additional loans.
- Income-Generating Additions: Expand your property for additional rental income, turning your investment into a wealth-building opportunity.
A home loan is secured by a registered mortgage bond, a legal agreement between the borrower and the lender. This bond acts as collateral for the loan and is officially recorded with the Deeds Office. It ensures that the lender has a claim over the property in the event of non-payment, providing security for the loan and formalizing the transaction.
GUIDELINE TO THE APPLICATION PROCESS
DOCUMENTATION
Employed Individual(s)
- *Required by both applicants in the event of a joint application
- Completed Online Application
- Copy of ID(s)
- Payslips: Last 3 months (6 months if earning regular overtime or commission)
- Bank Statements: Last 3 months personal bank statements
- Rental Agreement: If additional income is earned, rent must be reflected in the bank account
- Maintenance order: Payments must be reflected on your bank statement
- Copy of the Title Deed
These documents are essential for processing your home loan application efficiently.
PRE-ASSESSMENT & SUBMISSION PROCESS
Before applying for a home loan, a pre-assessment ensures a smooth process.
- Credit Check: A clean credit report with no adverse listings boosts your application success.
- Affordability Check: DEBT2BOND will assess your income, debt, and living expenses to determine affordability.
- Application Process: DEBT2BOND submits, motivates, and follows up with multiple banks. Once approved in principle, a property valuation is conducted. If sufficient, a Final Approval is issued, including homeowners insurance, and registration instructions are sent to attorneys.
- Credit check warning: Avoid taking on new debt or maximizing credit, as it may jeopardize the application during final credit checks.
- Important: If you plan to use funds from your home loan for major purchases, debt consolidation, or shortening your bond term, we suggest making extra payments to quickly reduce the principal amount. The exact amount will vary based on the current variable interest rate for your bond.
COSTS
- Initiation Fee: This fee is charged by the new financial institution upon approval of your application. It can be paid in cash or, more commonly, added to the capital amount of your bond.
- Registration Cost: This is the fee charged by the attorneys appointed to register your new bond, calculated based on the registered bond amount.
- DEBT2BOND Professional Fee: This fee applies only to successfully approved & accepted home loans and is deducted from the proceeds on the date of registration. If your home loan application is not approved, there will be no charge. DEBT2BOND prioritizes transparency and client-focused service, ensuring fees are only incurred upon successful approval. We do not require any upfront payments, making the bond application process as affordable and stress-free as possible.
BOND REGISTRATION PROCESS
After your home loan application is approved by the financial institution and you accept the offer, the process proceeds as follows:
- Instruction to Registration Attorney: Upon accepting the Final Approval, the registration attorneys are instructed to initiate the registration of the new "switched" bond. They will liaise with the existing bank’s cancellation attorneys to cancel the current bond.
- Document Signing: Once all conditions of the new bond are satisfied, the registration attorneys will contact you to sign the required documents. After signing, they will prepare the paperwork for lodgement at the Deeds Office.
- Deeds Office Registration: The bond registration typically takes 7–14 business days after lodgement, provided all conditions are fulfilled. Once registered, the attorneys will disburse funds from the new bond to settle the existing bond, cover costs, fees, and any specified accounts.
- Confirmation Letter: The new financial institution will issue a confirmation letter detailing repayment terms once the bond is registered.
PROTECTION
INSURANCE
LAST WILL & TESTAMENT
LAST WILL & TESTAMENT
Life & home insurance provide financial security ensuring peace of mind for life's uncertainties.
LAST WILL & TESTAMENT
LAST WILL & TESTAMENT
LAST WILL & TESTAMENT
Ensure you legacy is honoured, assets distributed and loved ones protected with a Will.
CONTACT US
GET IN TOUCH
If you’d like more details about a product or service, explore options suited to your financial needs, or share your experience with us, feel free to reach out, we would love to hear from you.
