First-time Buyer Journey · Step 1
Get bond-ready
Before you start scrolling through listings or attending show days, it’s important to know what you can realistically afford and what banks expect from home loan applicants. Getting bond-ready puts you in a stronger position when you find the right property — and helps you avoid costly surprises later.
Edited by
Annali Janse Van Rensburg
Senior Editor
Annali is MyProperty's resident editor, responsible for producing trusted, accessible content that helps South Africans navigate every stage of their property journey.
Whether you’re buying your very first home or returning to the market after several years, taking time to prepare can make the journey smoother, less stressful, and more successful.
1Know what you can afford
Many buyers start by browsing properties online, but the smartest place to begin is with your budget. The purchase price is only one part of the financial commitment. Before applying, work out what monthly repayment you can comfortably afford while still covering your everyday living expenses — and remember to include ownership costs such as:
- Municipal rates and taxes
- Levies — if you are buying in a sectional title scheme or estate
- Homeowners insurance
- Home contents insurance
- Utilities
- Maintenance and repairs
Tip: Buying below your maximum affordability often gives you greater financial flexibility and peace of mind. If your budget feels tight before you’ve even moved in, it’s worth reconsidering your price range.
Affordability calculator2Understand how banks assess your home loan
When you apply for a home loan, banks want to know you’ll be able to repay it consistently over many years. While every lender has its own credit policies, most will assess:
Your income
Banks look at your stable monthly income and whether it comfortably supports the proposed bond repayment.
Your monthly expenses
Your regular spending, including existing debt repayments, helps determine how much disposable income remains each month.
Your credit history
Your credit record demonstrates how you’ve managed previous credit commitments.
Existing debt
Vehicle finance, personal loans, credit cards and store accounts all affect affordability calculations.
Employment stability
Applicants with a consistent employment history generally present lower lending risk.
Deposit
Although many buyers could qualify for a 100% home loan, a deposit can improve your application and reduce the amount you need to borrow.
3Check your credit profile before the bank does
Your credit profile plays an important role in your application. Improving it before you apply can strengthen your application and may even help you secure a more competitive interest rate. Before you apply:
- Obtain a copy of your credit report
- Check for errors or outdated information
- Pay accounts on time
- Reduce outstanding balances where possible
- Avoid applying for unnecessary new credit
4Budget for more than just your deposit
One of the biggest surprises for first-time buyers is discovering that buying a property involves more than paying the purchase price. Depending on your purchase, you may also need to budget for:
- Transfer duty (where applicable)
- Conveyancing fees
- Bond registration costs
- Deeds Office fees
- Moving expenses
- Immediate maintenance or repairs
- Insurance
Planning for these costs early can help prevent financial pressure once your offer has been accepted. See the Buyer’s Cost Guide for a full breakdown.
5Prepare your paperwork
Having your documents ready can speed up both pre-qualification and your formal home loan application. Most lenders will ask for:
- South African ID or passport
- Latest payslips
- Recent bank statements
- Proof of address
- Income tax number
- Employment confirmation (if required)
- Marriage certificate or antenuptial contract where applicable
- Details of your monthly expenses
If you are self-employed, you’ll usually need additional financial documentation, such as business financial statements and tax returns.
6Get pre-qualified before you start viewing
One of the smartest things you can do before your first show day is getting pre-qualified. It provides an estimate of how much you may be able to borrow based on your income, expenses and financial profile. While it isn’t a formal home loan approval, it gives you:
- A realistic buying budget
- Confidence when searching for property
- Greater credibility with property professionals and sellers
- Early insight into any affordability issues that may need attention
Knowing your price range before you start searching helps you focus on homes you can realistically afford.
Common mistakes first-time buyers make
Viewing homes before understanding affordability
Ignoring transfer and legal costs
Taking on additional debt before applying
Changing jobs during the application process
Making large unexpected purchases
Failing to check their credit record
Your get bond-ready checklist
- Calculate your monthly affordability
- Estimate your total buying costs
- Review your credit report
- Reduce unnecessary debt
- Gather your supporting documents
- Save towards a deposit if possible
- Get pre-qualified
- Start searching within your budget
Frequently asked questions
This guide is general information to help you prepare for a home loan application. It isn’t financial advice — lending criteria differ between banks, so confirm the specifics with your chosen lender or a registered home loan originator.
Next step
View like a pro: What to look for at every viewing
Now that you understand your budget and are ready to apply, learn what to look for during property viewings, which questions to ask the estate agent, and how to spot potential issues before making an offer.
Still have questions?
This guide is general information to help you prepare your finances — it isn’t financial advice. For an instant answer to your questions, ask our assistant. For a question about your own transaction, ask Michael-Anne directly.