Buying a home is a huge milestone—and let’s be honest, it can also be a bit overwhelming. From saving for a deposit to dealing with transfer duties and figuring out your monthly repayments, the process can feel like navigating a maze. But with the right approach, securing a home loan doesn’t have to be a stressful experience. In fact, a little planning can go a long way in making your journey to homeownership smoother, smarter, and more affordable.
Whether you're a first-time buyer or just need a refresher, here are three tips that can set you up for success when applying for a home loan.
1. Get clear on what you can afford
Before you even start browsing property listings or attending show days, take a deep dive into your financial situation. Knowing what you can afford isn’t just about how much the bank might lend you—it’s also about what you’re comfortable repaying each month without putting yourself under financial pressure.
Start by reviewing your income, monthly expenses, existing debts, and assets. If you haven’t already created a budget, this is the perfect time to do so. A helpful tip is to download and review the last three months of your bank statements. This gives you a clear view of your spending habits and helps identify where you might be able to cut back.
When calculating your future bond repayments, don’t forget the extra costs that come with owning a home. Things like municipal rates, water and electricity bills, levies (if you're buying in a complex), and general maintenance costs all add up.
By understanding your financial position upfront, you’ll have a realistic idea of what kind of home loan you can manage—and avoid falling in love with properties outside your budget.
Read our guide on understanding the hidden costs of homeownership before you buy your first home
2. Be patient and plan ahead
Buying a home doesn’t happen overnight. It can take months—or even years—of saving and strategic planning to get into the right financial position. That’s completely normal, and patience is key here.
One of the biggest questions buyers face is whether they should use their savings to put down a deposit and cover costs like transfer duties, or rather use that money to pay off existing debts. The answer really depends on your personal financial situation.
Generally speaking, if your debts are causing cash flow problems or you’re paying high interest rates on them, it’s usually better to reduce those debts first. However, if your debts are manageable, putting your savings into a dedicated home deposit account can strengthen your home loan application—and might even secure you a better interest rate.
It’s always a good idea to chat to a financial advisor and a bond originator who can help you map out a plan that works for your unique circumstances. From there, it’s about sticking to that plan, making consistent progress, and being patient with the process.
3. Don’t just take the first offer - shop around!
Here’s a mistake many buyers make: they go straight to their usual bank and accept whatever home loan offer is on the table. But did you know that shopping around could actually save you thousands (or even hundreds of thousands) of Rand over the lifetime of your bond?
Different banks offer different interest rates and loan terms based on your credit profile, deposit size, and affordability. Even a small difference—say prime +1% vs. prime +1.25%—can make a massive impact on your total repayment over 20 years. That’s why it pays (literally!) to compare a few offers before committing.
This is where a home loan expert or bond originator becomes your best friend. MyProperty’s home loan team can do the hard work for you—submitting your application to multiple banks, negotiating on your behalf, and helping you choose the best offer. It’s free, it’s convenient, and it could save you a fortune in interest.
Bonus tip: get pre-approved
Once you’ve saved enough for a deposit and have a solid financial plan in place, consider getting pre-approved for a home loan before you start house hunting.
Why? Because pre-approval shows sellers that you’re a serious buyer, and it can give you a competitive edge, especially if there are multiple offers on the table. It also gives you clarity on your price range, which can save you time (and heartbreak) down the line.
The next best thing to do is to work with a trusted estate agent once you're ready to buy, as agents often have early access to properties before they hit the market.
Ready to take the next step?
Applying for a home loan doesn’t have to be stressful or confusing. With a little prep work, the right mindset, and some expert support, you can make informed decisions and secure the best deal possible.
If you're ready to explore your options, MyProperty’s home loan experts are here to help. From pre-approval to comparing offers, they’ll guide you every step of the way—so you can focus on finding your dream home with confidence.
