Over a quarter of South Africans polled do not feel that it is reasonable to have to put a deposit down when buying a home, said a survey by bond origination company ooba, released on Tuesday.

The survey found 27 percent of respondents believed that a 100 percent bond was reasonable, while 42 percent said a deposit of 10 percent was reasonable.

Twelve percent of respondents said they believed a deposit of more than 30 percent was reasonable.

However, spokesman Craig Deats said that while all banks had again begun offering 100 percent home loans, being able to put down a deposit made it more likely that a bond application would be approved.

The larger the deposit the easier it is to get a home loan approved since there is less risk for the banks. The article also mentions the most common reasons for bond declines.

Buying a property is a significant milestone in anyone’s investment and personal life. It symbolises independence, a commitment to putting down roots in one place and a rite of passage to financial responsibility.

However, there is the question: “Am I ready to purchase a property and accept responsibility for my decision?”

The answer is not as daunting as it may appear. Lending criteria from the banks remain tight as financial institutions take into account the legal ramifications of the National Credit Act and lick their wounds in the wake of the international economic meltdown and recession.

Yet bonds are being granted and, with a little preparation and forethought, people are acquiring their dream properties.

The rest of the article on IOL shows you what the banks look for and how to improve your chances of getting a better interest rate. Even IOL states that it is good to seek professional advice from mortgage originators. If you are looking to buy property and apply on homeloans-sa.co.za, you will receive expert advice from Secubond, one of South Africa’s top mortgage originators.