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In simple terms, it is a loan given to you by a home loan provider, where the home or property you are purchasing is used as a form of security in case you cannot make the loan repayments.
From the time that you secure a bond and it is registered, the home loan provider will keep your property’s title deed until your home loan is paid back in full. The home loan provider is legally entitled to keep the title deed, because until you have fully repaid your home loan your home remains their property.
If your property value has increased, or you propose to increase its value, you can apply for further loan with registration. This additional amount above your original bond is secured by a second bond and is lodged with the Deeds Office. You can use the funds to improve or enlarge your home, or use it for anything else you need.
A building loan is used to finance the construction of a house on vacant land or to finance additions and renovations to an existing home.
With building loans, it’s important to bear in mind that a portion of the approved loan amount is retained by the bank and the funds are advanced to the borrower in stages as progress payments during the construction period.
The Bond Process
When purchasing your property there are many parties involved, namely, the seller, the estate agent, the transferring attorney (appointed by seller to transfer the property to your name), the bond attorney (appointed by the bank granting the bond) and the cancellation attorney (appointed by the bank cancelling the bond of the seller). The same attorney could be dealing with more than one or all of the above transactions. You have identified your property and are ready to start! This could have been with the help of an estate agent or a private sale.