How can we help?
Selling your home?
Get an advance of up to 80% of the surplus proceeds from the sale of your home.
What amount will I qualify for?
BetterBridge will lend you up to 80% of the surplus proceeds available to you on registration of the property, subject to a favorable credit assessment.
What can I use the funds for?
Other than applications for municipal rates and taxes or transfer duty, there are no restrictions on how the funds are used.
How soon can I expect payment?
Once all documents have been received and a favorable credit assessment was made, the funds will be transferred electronically into your account. We strive for a 24-hour turnaround time from the time a fully completed application plus supporting documents have been received.
How do I repay this loan?
Your attorney will repay BetterBridge on your behalf once the transaction is registered at the Deeds Office.
How do I apply?
You can either ask your attorney to contact us directly or complete the application form yourself. The application form can be obtained by visiting our website at www.betterbridge.co.za or email at sales.support@betterbridge.co.za.
What other documents are required?
In addition to your application form, BetterBridge may require your sales contract, proof of funds and a letter of undertaking from your conveyancer. BetterBridge will contact your conveyancer directly to request these documents.
At what stage can I apply?
- Full purchase price must be secure - All transfer and bond documents must be signed - All bond and sale conditions must be met
How much does it cost?
Interest is charged at 0.088% per day for every day the loan is outstanding. This amounts to R0.88 per day for a R1000 loan or 2.68% per month. Depending on the loan amount, an initiation fee of between R171 and R1140 (VAT inclusive) will also be charged. PLEASE NOTE! BetterBridge charges the maximum allowed by the National Credit Act for unsecured credit transactions. The BetterBridge interest rate therefore changes with any change in the Reserve Bank’s Repo rate. This example assumes the Repo rate of 5.50% as announced on 19 November 2010. Please contact BetterBridge for a formal quotation.