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  The National Credit Act

The National Credit Act (NCA)

What is the NCA?
The NCA is an act of law instituted to regulate the way in which credit is granted to consumers. In effect the law is designed to protect the consumer from over-zealous businesses that grant credit too freely, resulting in one’s debts becoming unmanageable. In layman’s terms, it is to protect you from getting too far into debt.

Who does the NCA affect?
The NCA affects all citizens of South Africa. The law is designed to protect and assist you in managing your credit-worthiness.

What does this mean for me, the prospective home-buyer?
In the past the only prerequisites for obtaining a bond were a clean credit record, a steady income and an ID book! The banks would generally grant a bond based on about 30% of your gross income – irrespective of any other financial commitments you had.

In short, the NCA now stipulates that your bond amount will be calculated on your nett income. Thus all your expenses need to be deducted from your income before any amount can be approved as a loan / bond.

You will need to prove your income and expenses, and show that you will be able to afford the repayments on your bond amount from your nett disposable income.

Will this affect my chances of obtaining a bond?
If you have a heavy credit load at present it may affect your chances of obtaining a bond. In some instances you may only qualify for a lesser amount than you requested.

How will I know how much I can afford to pay off on a house?
The best way to go about it is to speak to one of our agents for some free advice!
We will help you to determine the amount you will qualify for. We can arrange a pre-approved bond for you before you start house-hunting. Through our relationship with various bond originators we will be able to obtain approval from all the major banks. (Depending, of course, on your current financial situation).

What documentation do I need to assist with this process?
At your consultation with one of our agents, please ensure that you bring along the following:
1. A copy of your ID document
2. Bank statements for the past three months
3. All your bank account details (of ALL your accounts)
4. Proof of your physical address (such as a utilities account)
5. Proof of income
5.1 Salary slip (for wage / salary earners)
5.2 Six months bank statements / proof of income (for commission earners)
5.3 A letter from your accountant detailing your income (if self employed)
5.4 Documentary proof of a legal entity, proof of income, letter from an
accountant providing details of the finances (Close Corporation or
6. A detailed list of all your expenses.

Your expenses include all your current debts and credit facilities, store accounts, credit cards, vehicle and furniture accounts, and the interest rates that apply to all of these.

You must also provide details of how much you spend every month on housekeeping, travel, entertainment, salaries / wages paid, groceries etc..

This might sound like a daunting task, but we will guide you through the process from start to finish!

It is better to be pre-qualified than to be disappointed later!

Call us now for a free consultation with one of our agents.


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