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10/04/2020

Beverley Mackay - Facilitating Access To Property Finance

Beverley Mackay is a property finance specialist whose entrepreneurial spirit led her to establish The Bond House in 2017. "One of the achievements that I have been the proudest of in my career is being courageous enough to go it alone. This confidence enabled me to leave a comfortable salaried position and establish my own company," explained Beverley.

Through The Bond House, Beverley assists individuals, couples, and/or employees thinking about purchasing property. Her clients' applications for property finance are facilitated at no cost to themselves for either residential properties, which is Beverley's primary focus, or commercial properties. "My extensive expertise in the banking sector, ongoing training, as well as the personal relationships I have established with key individuals are the basis on which I have built my business," she explains.

Beverley also attributes her success to many of her seniors during her banking career who mentored her career's progress. "They had incredibly good values, were loyal, and approachable, I guess I was just fortunate." She adds that much of her motivation has come from the sheer need to succeed on her own.

One of Beverley's passions is educating clients on how to go about applying for property finance. Her advice is to start preparing early - three, six, or twelve months in advance - get your financial affairs in order, look after your bank account perilously, and pay your accounts on time. Potential loan seekers should check their credit score. "Many potential homeowners don't take their credit score seriously and don't realise that an adverse credit history will be a stumbling block to obtaining a home loan. They also often have a lack of knowledge around the parameters of the National Credit Act."

"A further stumbling block to obtaining a loan is that self-employed and small business owners are seldom prepared, in terms of having a basic income and expenses, or management accounts, or even bank accounts that show what they earn!" "Many small business owners often have incorrect attitudes and the expectation that their bank should help them. Comments such as 'After all, I bank with them, they should know me' are frequent."

Their lack of understanding of the due diligence required to obtain property finance is apparent in the reluctance to comply and the persuasion necessary to send the documents requested to Beverley. "However," says Beverley, "One of my best traits is perseverance, and I don't give up on a client's application till the most effort has been made!" While facilitating the application process, Beverley says that it is important to keep the lines of communication open and to give credit and praise often. "Small tokens of appreciation cost very little but mean a lot," she added.

A passion of Beverley's is that of educating potential homeowners about the various requirements to qualify for a bond as well as the opportunities available. This includes engaging with companies who would like to enlighten their employees about applying for home loans and the opportunities that are available to them. "For low income earners, if your earnings are in the range of R3500 to R22000, over the age of 18, a South African citizen, with a dependent or cohabitating or married, you qualify for the Finance Linked Individual Subsidy Programme (FLISP). The FLISP programme is a housing subsidy to assist with purchasing a home if you are a first-time home buyer. The subsidy is paid to your bank or financial institution and will reduce your monthly loan instalments, making it more affordable to purchase a home." Through FLISP you could qualify for a subsidy ranging from R27 000 to R121 000.

There are also some exciting opportunities in terms of people who are higher income earners but who currently have little disposable income due to other financial commitments. "In terms of Section J12 of the income tax act, one can invest in a 'property owning company' submit a certificate to SARS, get the rebate to pay towards the property in year one and year two, and possibly year three. In year five, the property can be converted to a sectional title, and you can buy or sell the property which is now worth more."

Although Beverley works independently as a consultant, The Bond House is backed by an association with Multinet Home Loans who can process a finance application through up to eight banks to obtain the best offer available.

When reflecting on her career Beverley said that she wished that she had become independent workwise, sooner in her life. Her current goals are to be successful, remain independent and have 'enough'.

Contact Person: Beverley Mackay
T: +27 (0)82 820 4281
E: beverleym@thebondhousesa.com

 Beverley Mackay - Facilitating Access To Property Finance.JPG
 Beverley Mackay - Facilitating Access To Property Finance.pdf


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