South Africa has some of the highest debt ratios in the world, and with the turn in the property market, consumers will want to start buying property again in the next few months, but without success.

Consumers will have to take control of their finances in order to ensure that they are able buyers.

When taking a bond, you need a credit score rating of 600-plus.  You need to build up a good credit history and score and here are some tricks on how to ensure that you are ready for the purchase.

Here is a short list of things to do to ensure you are good to go for that dream house application:

1. Try to settle outstanding debt as quickly as possible.
2. Pay your bills on time and don’t make any further debts
3. Reduce your spending where possible.
4. Know what you can afford and what not, and start saving for a deposit and the lawyer’s cost.
5. Avoid late payments: “Pay your debt on time, every time”.
6. Always fulfil your minimum debt instalments each month.
7. No defaulting!Don’t miss any instalments and honour your undertakings.
8. Avoid different credit cards like the plaque.It is bad debt to have
9. Avoid frequent applications for credit.When you apply for debt a credit check is done every time.Banks can see how often you apply for credit
10. Don’t sign surety!
11. There is no need to keep up with the Jones’s.Downscale your lifestyle.
12. Be careful of debt reviews.There is a lot of consequences of going under debt review that lasts very long and will impact your score.

For a comprehensive list and some great tips, have a look at the OOBA Home loans website.