Self-Employed Bond Calculator
Applying as a business owner? Calculate your repayments using risk-adjusted interest rates typical for non-salaried applicants.
Self-Employed Lending Glossary
- IT34 Assessment
- Your official tax assessment from SARS. Banks consider this the most reliable proof of income because it shows exactly what you declared to the taxman.
- Management Accounts
- Up-to-date financial figures for the current year. Banks ask for these if your Annual Financial Statements (AFS) are more than 6 months old.
- Turnover vs. Profit
- Turnover is your total sales; Profit is what's left after expenses. Banks lend based on Profit (personal drawings), not turnover.
- Surety
- If buying in a company or trust name, you (the director/trustee) will almost always have to sign personal surety for the bond.
Frequently Asked Questions
How do banks calculate my income if I'm self-employed?
Banks look at your 'Net Profit' before tax, not your turnover. They typically average your last 2 years' annual financial statements or IT34 tax assessments to determine your stable monthly income.
Do I need a larger deposit as a business owner?
It is highly recommended. While 100% bonds are possible, showing 'skin in the game' (a 10-20% deposit) significantly improves your scoring and can help negotiate a lower interest rate.
What documents are required for a self-employed bond application?
You typically need: 2 years of signed financials (AFS), IT34 tax assessments for 2 years, 6 months of personal and business bank statements, and a letter from your accountant confirming your income.
Get a Formal Quote PDF
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- Official Amortization Schedule
- Tax Certificate Format