Best home loan rate

F1 Fan said:
I don't know how their performance influences JIBAR.
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It doesn't. JIBAR is the Johannesburg Inter-Bank Agreed Rate and is quoted every morning as the average rate that banks will lend to each other for a certain term.

JIBAR is not one rate, there are many different JIBAR rates e.g. 1-month JIBAR, 3-month JIBAR, 6-month JIBAR etc. The most commonly used one is 3-month JIBAR (this is the rate most people are referring to if they just say JIBAR) and I think that is the one that SA Home Loans uses
 
I didn't use a bond originator and sent applications to FNB, SAHL, Investec and ABSA (my current bank)
Sjoe...what a pain in the butt to complete the applications and financials etc.
Let's wait and see.
 
On a 100% bond, fnb gave a 10.94% rate all the other banks wanted a 20% deposit which I didn't have. So I had no other choice but to sign on the dotted lines as they refused to budge on decreasing that.
 
Jelly-tot said:
On a 100% bond, fnb gave a 10.94% rate all the other banks wanted a 20% deposit which I didn't have. So I had no other choice but to sign on the dotted lines as they refused to budge on decreasing that.
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Did you try SAhomeloans?
 
zerocool2009 said:
Well, in my case I opted for a better rate being with FNB for 30 years, and I am now 37. After giving them some facts they better my rate.
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But you probably only went back to them for a better rate...Because you bank with them.

Odds are one of the others would have come to the party as well.
 
I used an originator and would recommend this.

With a 10% deposit, I got a bond 2 months ago as a first time buyer at prime -0.2, which I thought was OK.

I got the offer from Nedbank. I am an existing client with them, and I had all of my deposit and fees cash in that account. I think they were worried to lose all that money, so they came in below everyone else.
 
zerocool2009 said:
Well, in my case I opted for a better rate being with FNB for 30 years, and I am now 37. After giving them some facts they better my rate.
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I was 38 when I bought my house. Never banked a day with FNB but they gave me the best deal. Been a client with Standard Bank for 15 years before that and they sucked. Nedbank also insulted me yet the previous year they gave me the best car finance deal and I had been a client for 1 year.

Loyalty fell away years ago.

I'm got far better banking deals out of FNB after only 2 years as a client than I ever did with Standard Bank or Nedbank. In my 3rd year FNB are jumping to give me a second bond for investment property. No guarantee they will do the same when I buy my 2nd investment property next year.
 
bromster said:
I used an originator and would recommend this.

With a 10% deposit, I got a bond 2 months ago as a first time buyer at prime -0.2, which I thought was OK.

I got the offer from Nedbank. I am an existing client with them, and I had all of my deposit and fees cash in that account. I think they were worried to lose all that money, so they came in below everyone else.
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+1
 
cbrunsdonza said:
I was 38 when I bought my house. Never banked a day with FNB but they gave me the best deal. Been a client with Standard Bank for 15 years before that and they sucked. Nedbank also insulted me yet the previous year they gave me the best car finance deal and I had been a client for 1 year.

Loyalty fell away years ago.

I'm got far better banking deals out of FNB after only 2 years as a client than I ever did with Standard Bank or Nedbank. In my 3rd year FNB are jumping to give me a second bond for investment property. No guarantee they will do the same when I buy my 2nd investment property next year.
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Well, I have a few bonds with FNB and they are really awesome. I don't want to play mortgage originators up again each other. Every time when I applied I asked for their best rate ... and I got it. To give you an idea, I am getting staff rates. No mortgage originator will beat that (even in the current conditions)
 
zerocool2009 said:
Well, I have a few bonds with FNB and they are really awesome. I don't want to play mortgage originators up again each other. Every time when I applied I asked for their best rate ... and I got it. To give you an idea, I am getting staff rates. No mortgage originator will beat that (even in the current conditions)
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So you're getting like 6-7%?

Are you staff?
 
jsheed_sa said:
So you're getting like 6-7%?

Are you staff?
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-2% below

No

That is why I say, banking with 1 bank is more important than to jump around getting the best rate. Make sure the bank who you are banking with knows what they have in you.
 
zerocool2009 said:
-2% below

No

That is why I say, banking with 1 bank is more important than to jump around getting the best rate. Make sure the bank who you are banking with knows what they have in you.
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Staff is usually -2.5%. You were almost there :p
 
zerocool2009 said:
I worked in the financial industry .... trust me I know ... staff always got -2%

I got those rate not working for the bank (take note)

:p
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Tell us now how you got such a good rate.
Pleez
 
tRoN said:
Don't like these kickbacks that go on with BO's

http://www.moneyweb.co.za/mymoney/moneyweb-financial-planning/banks-vs-bond-originators/
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Nice read and love the BS from ABSA about "lower acquisition cost". Reality is that based on my then credit profile and income, I would never have received the bond I did had I gone direct. I still recommend BO's for first time home buyers as they also take out 90% of the stress.

So even if I did get a cheaper bond from ABSA, they would have given me such a crap bond that I would have bought a dog kennel compared to what I got.

For my second bond though I've gone to my bank direct. Then again things have improved for me so its easier to negotiate and they already indicated what I can get which I'm happy with. They also extend my existing bond (sorry, getting the terminology wrong here) as I'm a first time home buyer. This reduces cost in a way as well. Still need to go through the process later this year.
 
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