We've finally found the family home we've been after for two years. We've managed to reach a price acceptable to the seller, we've got a 18% deposit which we've paid to the conveyancor. The house is in an incredible area a stones throw away (literally) from one of SA's best school, and we purchased below it's value. Now we're in this Kak bond application process.
I've got my own little consultancy PTY. it's only me in the business. The business was set up as a side hustle without making money for about 8 years and eventually became my main hustle, so I've had a significant loan account which I've managed to draw out and live on - I therefore haven't drawn a salary, but the business now brings in roughly 4.5 times what the bond would be every month. Beyond this, I earn a retainer salary outside of the business, and my wife brings in a monthly paycheck. All in all we bring in about 6 times the would-be bond repayment every month, and have consistently done so over the past year. The business revenue has doubled over the past year, and tripped the year before that.
Beyond that, both my wife and I have great credit records and have absolutely zero other debt.
So far we've been declined by Standard Bank, no word from FNB and Nedbank, ABSA (who I bank with) are back and forth with our originator with questions.
How, on God's green earth, do self employed people actually do life when this ABSOLUTE kak is what's available to them? Or not available? Any advice would be greatly appreciated - we've got 10 days to secure this bond.
I've got my own little consultancy PTY. it's only me in the business. The business was set up as a side hustle without making money for about 8 years and eventually became my main hustle, so I've had a significant loan account which I've managed to draw out and live on - I therefore haven't drawn a salary, but the business now brings in roughly 4.5 times what the bond would be every month. Beyond this, I earn a retainer salary outside of the business, and my wife brings in a monthly paycheck. All in all we bring in about 6 times the would-be bond repayment every month, and have consistently done so over the past year. The business revenue has doubled over the past year, and tripped the year before that.
Beyond that, both my wife and I have great credit records and have absolutely zero other debt.
So far we've been declined by Standard Bank, no word from FNB and Nedbank, ABSA (who I bank with) are back and forth with our originator with questions.
How, on God's green earth, do self employed people actually do life when this ABSOLUTE kak is what's available to them? Or not available? Any advice would be greatly appreciated - we've got 10 days to secure this bond.