Welcome to qoob!
qoob (Q O O B - as in ‘cube’) is an out-of-the-box realty concern - offering alternative property financing & investment opportunities.
There are numerous propositions in our bouquet of products & services. For details, simply click on the relevent page navigation buttons above.
Our two main products are Rent-to-Buy Finance (see below) and Passive Property Investing (click on Property Investing).
Rent-2-Buy - Now your rent can buy any home priced between R400,000 to R1.8-million
Tenants battling to pay their rent and save for a deposit for their new home can now use their rent to buy their new home.
Uniquely, this product is available for all approved properties in Cape Town and now also in Gauteng, priced from R400,000 to R1.8-million.
Pre-approved potential buyers identify the home they wish to purchase - and we assess whether it is correctly priced. If it ticks all the boxes, we purchase the property and we enter into an agreement with the buyer who ‘rents’ the property for 24 months.
Estimated rental per month
Qualifying buyers’ monthly rental is calculated at approximately 1.2% of the property value. Eg: Purchase price of R 400,000 = R4,800 per month, Purchase price of R 600,000 = R7,200 per month, Purchase price of R 900,000 = R10,800 per month, Purchase price of R1,500,000 = R18,000 per month, Purchase price of R1,800,000 x 14.4% = R21,600 per month.
The benefit is that the purchase price will remain the same for 2 years to give a Rent2buy buyer the time to get their “bucks in a row” and credit approval resolved to apply for a normal home loan.
Besides the great opportunity for buyers from R400,000 to R1.8-million to buy their very own home within two years, the original purchase price remains static.
Do you want to own the home of your dreams?
Are you almost ready to buy your own home but you’re struggling to obtain a home loan for the following reasons:
- Not granted a 100% home loan and need to save for a deposit?
- Minor problems on credit status (arrears accounts that can be settled in a short timeframe)?
- ‘Lowish’ credit score and need to build up a good/excellent score?
Then Rent2Buy Finance might be the solution, provided applicants under debt review, administration, sequestration, or those who have judgements can supply a clearance certificate to prove the process is completed or almost completed.
How does it work and how to get started?
1. Get pre-qualified
A Rent-2-Buy purchaser must first be pre-qualified by the Rent-2-Buy team and then they will receive a certificate of affordability to go out and find their own property to buy - in the City of Cape Town or Gauteng approved areas.
2. Find your home
Once you find the property that you want to buy, send the information to the Rent-2-Buy team.
3. Rent-2-Buy negotiates the deal
The Rent-2-Buy team contacts the seller or estate agent and negotiates the deal, evaluates the property and purchases the property.
4. Consider the terms and conditions
A Rent-2-Buy quote will then be submitted for a Rent-2-Buy buyer to consider and accept.
The property finance team will review the application and do their own valuation of the property to ensure it is not overpriced.
You will then sign a Rent-2-Buy agreement (Rent-2-Buy option and Rent-2-Buy Purchase Agreement) based on the terms and conditions provided and accepted by yourself.
7. Rent-2-Buy term
The Rent-2-Buy purchaser will then have a 2-year period to get his or her “bucks in a row” to apply for a home loan and acquire the property through the Rent-2-Buy contract. Terms and conditions will be provided.
8. Rent-2-Buy personal trainer - get “bond fit”
During the Rent-2-Buy term, the Rent-2-Buy buyer needs to participate in the Rent-2-Buy programme to work towards a home loan qualification with the Rent-2-Buy Personal Trainer.
How to apply?
The Rent-2-Buy purchaser will need a deposit of ± 7% towards the purchase price and costs - full terms and conditions will be provided. This deposit is paid on signature of the Rent-2-Buy agreement. The deposit of ± 7% x the purchase price is calculated as follows:
Rental Deposit: A portion to cover 2 x months’ rental. It is refunded back to the purchaser at the end of the Rent-2-Buy term once damages (if any) are deducted at the outgoing inspection.
Transfer Costs: A portion to cover the transfer costs of buying the property, such to cover the conveyancing fees and transfer duty. This will depend on the value of the property. These are direct expenses and not refunded to the purchaser. The purchaser pays no transfer duty once he/she takes transfer of the property after the 2-year Rent-2-Buy term, only conveyancing fees and bond registration fees.
Option Fee: The balance is an Option fee. This is refunded back to the purchaser at the end of the Rent-2-Buy term if all terms and condition are met, but forfeited if not to continue with the Rent-2-Buy purchase and taking transfer.
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