First home loan: direct with bank or through bond originator?

ViciousClone said:
Not sure what we're trying to discuss here?
Regarding if the rate climbs with 2%, yes, I can budget and live with that.

Not to give out to much info, but we're trying to buy a TLC house in a very good area, the house has great potential and they have all the certifications (Beetle, Gas, Plumbing, Electrical)

The houses in this condition go for 2.7-3.5mil, our offer was accepted at 2.4mil.

The 10.5% is rough yes, but what that section indicates, is that we have 1-2 days to at least pre-approve from the banks, and all things go ahead as normal, cutoff is the 3rd of July.

I believe 1-2 days is enough to have the banks pre-approve us
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Hope any bank gets in time to you not using a MO.
 
ViciousClone said:
Not the first person to mention this, sucks, I bank with FNB, but whoever brings in the best goods, gets the signature
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I know this by heart. Know how fnb bonds work, from applying, to use FNb smartly to your advantage.

I always tell fnb customers. Apply via NAV, you will get lots of ebucks for going direct, and if you are PC, you score an extra 0.25% off, for free!
 
thunder&milkshakes said:
I signed my first OTP, but unsure what's the next move: do I apply for a home loan directly with my bank(FNB) and then go to OOBA, or just apply via OOBA only? Or tell OOBA to not apply to FNB as I will do it? I did get my pre-approval via OOBA.
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Get quotes from a few places. Won’t hurt. Lowest interest rate wins.
 
JerryMungo said:
Get quotes from a few places. Won’t hurt. Lowest interest rate wins.
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The issue is, if you use a MO, going direct are cancelled out. Let’s say I apply via a MO, and apply vir FNB, and the MO requests a quote first, my direct request gets cancelled out.

I always tell customers, you either apply yourself, or via a MO, not to waste anyone’s time
 
zerocool2009 said:
The issue is, if you use a MO, going direct are cancelled out. Let’s say I apply via a MO, and apply vir FNB, and the MO requests a quote first, my direct request gets cancelled out.

I always tell customers, you either apply yourself, or via a MO, not to waste anyone’s time
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can also do them simultaneously and just instruct the MO to skip the bank(s) you are going to directly no?

e.g. you want FNB so you go direct, but you also want some comparative quotes from the rest so you make that someone else's problem
 
ViciousClone said:
Does the amount affect the lending rate
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generally yes, the more you borrow and / or the longer the term the better the rate

that's because banks look at the total value they're going to milk from you, the total is bigger with longer terms and bigger amounts i.e. they can factor in a small interest discount and still make good money

the opposite is also true, for smaller amounts and shorter terms the total value drops from the bank's perspective, so they charge higher rates to make up the difference
 
Damn ok, Absa has been running with this, Standard B and Nedbank pulled statements from my account (Got some banking app notifications) earlier today

But Absa has covered the principal offer, and reviewed the house today, with the final offer sent today, they will still cover the 100% bond and reduced the interest with another 0.05%, effective offer 2.4mil and 9.75% over 20y
 
ViciousClone said:
Damn ok, Absa has been running with this, Standard B and Nedbank pulled statements from my account (Got some banking app notifications) earlier today

But Absa has covered the principal offer, and reviewed the house today, with the final offer sent today, they will still cover the 100% bond and reduced the interest with another 0.05%, effective offer 2.4mil and 9.75% over 20y
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Absa ready to go, guess they really need the bussiness!
 
thunder&milkshakes said:
I signed my first OTP, but unsure what's the next move: do I apply for a home loan directly with my bank(FNB) and then go to OOBA, or just apply via OOBA only? Or tell OOBA to not apply to FNB as I will do it? I did get my pre-approval via OOBA.
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Just don't insure through this OOBA or any other bank, I have some very bad reports about them and they cannot force you to go through them.
 
ViciousClone said:
Damn ok, Absa has been running with this, Standard B and Nedbank pulled statements from my account (Got some banking app notifications) earlier today

But Absa has covered the principal offer, and reviewed the house today, with the final offer sent today, they will still cover the 100% bond and reduced the interest with another 0.05%, effective offer 2.4mil and 9.75% over 20y
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Just read this part, not quite sure what to make of it
Section 1 and 2

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