Meyer De Waal Inc1st Mar 2019
Attorneys, Notaries & Conveyances
MDW INC is made up of a professional para-legal team of 10 and two conveyancing attorneys. With a national footprint of correspondent attorneys, we are able to provide a service covering all the provinces.
Conveyancing matters are conducted through the latest software made available by Korbitek and E4, further supported by our 24/7 web based reporting system, Avid Flow, which enables clients and estate agents to gain access to their own matters on a 24/7 basis, through a safe link and via a secure username and password system.
Unique Service Offers
MY BOND FITNESS
My Bond Fitness is an online portal where prospective home buyers can see if they are first credit-worthy before enquiring about how much they may qualify for with a home loan. All the aspiring home buyer needs to do is upload his bank statements, employment contract and other supporting documents as well as link his bank account statements to the system. Once he has completed his My Bond Fitness profile, the profile along with complete supporting documents can be sent directly to bond originators when an offer to purchase is signed.
How does this new online tool differ?
Its creator, Meyer de Waal, says it not only prequalifies the client but “streamlines the entire home loan application process for the banks themselves”.
Meyer De Waal, the practicing attorney, who is funding the venture with his own resources, is offering the software to banks, mortgage originators and the real estate industry to help clients obtain a fast and accurate home loan estimate “within ten minutes”.
“Working with Limitless, a leader in software and bank integration technology, My Bond Fitness developed an accurate and secure online process that enables an aspiring home buyer to obtain a fast and accurate home loan estimate. Limitless has designed a functionality that is light years ahead of any other pre-qualification home loan estimate as it makes use of real-time credit bureau data, obtained from Experian, to begin the credit check process.
“Taking things a step further, the application extracts the last 90 days of transactional activity from selected bank accounts, identifies regular and fixed expenses like debt repayments and debit orders, and identifies and categorises day-to-day expenses. All this is done through Limitless’ partnership with Yodlee, a secure integration system that talks directly to the customer’s bank with all the normal security protocols of a typical online banking interaction.”
De Waal says the ultimate goal is to have the largest database of ready, able and educated buyers, and to invite sellers and estate agents to search their listing page for such buyers.
“They will all have a prequalified home loan certificate in hand and sellers/agents can present their properties,” says de Waal. “It will be a dating site for properties.”
Rent2buy (R2B) Finance is a Plan B for a homebuyer who is almost, but not quite ready, to apply for a home loan to buy a property. If the buyers’ home loan was declined initially and but he has a reasonably good credit profile and at least 7% deposit (if buying from a private seller), 3 to 5% deposit available (if buying from a property developer) or 20% if a foreign buyer, and he lives in Bloemfontein, Gauteng or Cape Town, then he is able to start the process of applying to purchase through the Rent2buy Finance programme, says Meyer de Waal, director of MDW Inc, and co-founder of Attorney Realtor Hub.
HOW DOES IT WORK?
Rent2buy Finance will buy the property on behalf of the homebuyer and will hold the property over the two years with just a nominal amount increase to the purchase price instead of a market related increase in price.
Just before the expiration of the 24 month “lease”, the buyer can decide to convert the rental to an instalment sale and take transfer 15 to 20 years later, once he paid back the full purchase price and interest or apply for his home loan and take transfer as soon as possible after his loan is approved. He could, however, also choose to sell the property and keep the profit, but in this case certain terms and conditions would apply and would need to be discussed with the Rent2buy consultant.
HOW DO I APPLY?
The first step is to complete the Rent2buy Finance Rental application form (obtainable through by emailing firstname.lastname@example.org). With the form, the potential buyer must also submit a copy of his Identity Document, proof of income (if self-employed, the latest financial statements or a report from an auditor), the consent form for a TPN credit profile to be carried out (also obtainable through the email address above), and bank statements for three months.
A fee of R750 (for individuals) and R850 (for couples) is payable on application.
A Rent2buy Finance buyer can also start the process with a free online credit score through the Rent2buy Finance link.
“The advantage of buying a home in this way, rather than waiting until you have a larger deposit saved up or qualify for a higher home loan is that property prices will also go up in the meantime, which moves the benchmark. If you have a home that you want now, it is possible to buy through the R2B Finance company and during the Rent2buy 24 month rental period, the price of the home will not be increased by as much as the market-related price does,” said de Waal.
First-time home buyers, as of 28 July 2018, that earn up to R22 000 per month can now benefit from the new Finance Linked Individual Subsidy Programme (FLISP) subsidy increase.
First-time buyers who earn a household/single income of R15 000 per month will now receive a subsidy of R62 304 compared to the previous subsidy benefit of R20 000 in the same income bracket. Income of R22 000 per month will now qualify for a subsidy of R27 960.
- FLISP subsidies are available for first-time home buyers who earn between R3 501 to R22 000 per month.
- The home loan of the buyer must first be approved and the buyer must be a South African citizen and be married, cohabiting or single with a dependent.
- The new buyer must never have benefited from a similar subsidy before, e.g. an RDP house.
- Home buyers who recently took transfer and meet the qualifying criteria can also apply.
The new R22 000 income subsidy bands, however, will only be applicable for properties that are in process of application or transferred after 28 July 2018.
A FLISP subsidy can be used as a home loan deposit, or if a 100% home loan is obtained, paid back into the home loan to reduce the home loan term or monthly instalments.
The FLISP subsidy can now also be used to pay for property transfer costs such as transfer fees and bond registration fees.
“Many home buyers do qualify for a 100% home loan, but for a R600 000 property, for example, do not have the extra R32 000 to pay over to attorneys for the transfer and bond registration fees and costs”, says Meyer de Waal, a Cape Town property attorney who developed the FLISP Home Buyers assistance service with Pugin.
“We realised some four years ago that the general public, being first-time buyers, estate agents, property developers, home loan consultants, and even financial institutions, either know little or nothing about the availabilities of these FLISP subsidies, and that is why we established the FLISP assistance service.” says Meyer De Waal.