Thursday, November 01, 2007

Well, That Sucks

Off the high of walking Jeanius to the room we've booked for the Ladies Corporate Massage, and knowing my turn is up next, I went to fetch my Bond Application Letter.

It's been declined due to Non-Affordability. I can't believe that. If I stop paying rent, I'll have literally around R6500 left over after all my expenses - this is including things like Credit Card etc. (ie. the things I can cut down on if necessary). How could I not afford a bond repayment of up to R4000 a month (or less, based on my huge deposit)?

I'm disappointed, I'm shocked. I don't think I ever really thought I'd be declined altogether ... I figured I just might get less than I wanted. Now what? How does being declined a bond affect my chances if I decide to apply again thru a different company?

I guess the house-hunt is on hold for now ... how very sad for me. At least I have a massage in 15 minutes.

Sigh.

7 comments:

Varen said...

don't worry about it too much love. that institution is notoriously difficult to get a loan from.. ask me :)

there are loads of other places to try and i'm pretty sure we'll find something.

love

V

The Divine Miss M said...

Oh no! I'm sure it'll all work out in the end, I have great faith for you :)

Marc said...

The new credit act really sucks. It makes it so difficult to allow people to afford property :(
Try MortgageSA ( http://www.mortgagesa.co.za), they apply to all the banks and try and get you the best rate. A few of the banks also give you the leeway as a first time owner.
Good luck and I hope it all works out :)

Lopz said...

Oh no babe, what bollocks is that?!?! Was looking forward to reading all about your house-buying process. I agree with Miss M though, I'm sure it will work out - you'll find someone who will give you the bond. I'm holding thumbs for you.

phillygirl said...

Thanks for all the support and holding thumbs for me! I'm still a little too sad about it now to be positive just yet tho ...

@marc - unfortunately I'm not a first time owner, I own half a place with Bean already.

Don't worry, once my depression wears off, I'm sure Varen will make sure I exhaust all other bond-getting options :)

MsMozi said...

Sorry to hear the bad news! Give yourself some time to be bleak and I'm sure in a couple of days or so you'll be ready to give it another go - you never know why these things happen.. maybe there's a spectacular home that'll only come on the market at a later stage that's meant to be yours!

Al and Tess said...
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