Home Base: Property Buying for Freelancers | Owning the Home Loan Process

In our new series ‘Home Base’ we look at how creatives are making homes. We’re covering everything from buying a house, all the way through to how to make a house a home.

This series is brought to you by Rent2Buy: Rent2Buy helps people get bonds and enter the property market in an easy way. If you are looking to buy your first home, check out Rent2Buy first to see how they can help you finance your house.

Freelancer Finance: from stumbling blocks to solutions

While being a freelancer, as so many creatives are, offers many freedoms and advantages, one area that presents obstacles is when applying for a home loan or a bond. It is a common perception that it’s virtually impossible for freelancers to get a bond. But if a home loan is turned down, there is in fact a Plan B which has been available to home buyers in SA since 1981.

Rent2buy Options

If you are a self-employed or freelance creative, wanting to buy a home and meet most of the requirements for a bond, Rent2buy Finance offers a solution – with a list of alternatives to applying for a traditional home loan.

Rent2buy (R2B) will buy the property on your behalf, keep it for 24 months with a price “freeze” (a nominal amount is added to the purchase price) until just before the expiry of the 24-month R2B term. You then have a number of options. These include:

– converting the rental into an instalment sale (which means you pay off the purchase price and take transfer +/- 15 years later)

– or you can apply for a home loan and take transfer (as soon as possible after the home loan is approved)

 -or sell the property and retain the profit.

(Visit R2B’s site for detailed terms and conditions).

Pilot Project

R2B launched this pilot finance project late in 2017.  It is currently available on properties in the Cape Town Metropole, Bloemfontein and Gauteng, in the price range of R400 000 to R1,8 million.

Freelancers and self-employed creatives who might have come up against dead-ends in the home loan application process with banks, now have a team of professionals at R2B that they can turn to for advice and assistance.


The first “check” is the credit score of the applicant(s). R2B offers a free credit check to all potential applicants, via their online platform. This is the best place to start. If this check is passed, the next step is the R2B Finance application process. This is a more in-depth analysis with a transaction fee.

Finance Application

Late-paying clients and carrying all your own overheads can take their toll on freelancers’ ability to stay on top of bills and debts. If your credit score is low or bad and/or you know that you have in the recent past slipped up on making your payments on time, or have a history of late payments, non-payments, arrears, debt review status or other negative notices on your credit score, let your R2B Finance consultant know this and ask for advice if you want to proceed with the full R2B Finance application. If you are buying with a partner, make sure that you run credit checks for both parties.


Rent2buy Finance is not a solution to “side-step” a bad credit history and get fast tracked into home ownership. Their vision is to assist you in a responsible manner and to provide a sustainable home ownership solution. An R2B Finance consultant can offer assistance with debt and credit scores, along with affordability improvement.

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