WE FACILITATE BOND APPLICATION

Frequently Asked Questions

Congratulations! If you've been directed to this page you've reached step 2 in our Process and have just signed your Building Agreement and submitted all necessary documentation regarding your Bond Application.

While you await feedback on your application, feel free to browse general answers regarding what is covered in your Standard Building Agreement and an overview of the financing of your Home.

Please note that for more specific detail regarding bond, bond approval etc can be queried with Yes Bonds.

FAQ

Most frequent questions and answers

Yes, you will have to start servicing your bond as the building of your home commences. This process starts once Darling Homes requests the First Draw from your bank. You will only be servicing the total amount drawn from the bank. As more draws are requested the total amount to be serviced increases.

A draw is a payment taken from your bond proceeds made to material suppliers, contractors and subcontractors. That means the borrower doesn’t have to pay them from personal funds while the project is ongoing.

“Draws,” or releases of portions of the loan/bond proceeds, usually occur upon completion of a pre-designated stage (pouring of the foundation, building under roof, etc.) or periodically (once a month for a specified number of months followed by a “final draw”) and certain precautions must be observed to reduce the risk

There are several variables that determine the timeline for buidling to commence after signing your contract. They include:
1. Bond Approval (Average 3 weeks)
2. Registration of Plot in your name. (Average 3 Months)
3. Design of home and Sign off of Plan (Average 1 Month)
4. Plan Submission and Approval from council and MLH (Average 1 Month)
5. Enrolment and Certificate from NHBRC (3 Weeks)

A PC-Personal Choice Allowance is the amount of money included in your Buidling Agreement to purchase specified items such as tiles, taps, doors or bathroom fittings. Even though an agreed estimated amount is included at contract signing, certain specific products are not selected until a later stage.

This cost is dependant on the location of your plot and whether there is existing neighbouring walls that can be shared. Please review your Standard Building Agreement for more information or contact our administration team at info@darlinghomes.co.za. 

 

Clay brick fireplaces/braai is included if so stipulated in your Standard Building Agreement. Any Custom fireplaces will be for the client’s account.

The installation of Gas appliances such as stove, fireplaces etc. is not included in the Standard Building Agreement and will be for the client’s account and can be billed as an extra.