Better Bond & Home Loans

[Fury05]

Again thanks guys for all the advice. I played around with the monthly repayment calculator on SA homeloans website after speaking to a consultant and it seems like the interest rate jumps up quite a bit the lower your salary is. I put in a few test figures and with only a R5000 difference the interest rate jumped from 9% to 11.5%. I know its just an estimate just thought it was interesting. Well the deal for the house fell through which we were interested in because the developer failed to mention it was sectional title homes (not what i'm looking for). These are stressful times.

 

[mercurial]

My wife has had good service from Better Bond.

 

[Other Pineapple Smurf]

Again thanks guys for all the advice. I played around with the monthly repayment calculator on SA homeloans website after speaking to a consultant and it seems like the interest rate jumps up quite a bit the lower your salary is. I put in a few test figures and with only a R5000 difference the interest rate jumped from 9% to 11.5%. I know its just an estimate just thought it was interesting. Well the deal for the house fell through which we were interested in because the developer failed to mention it was sectional title homes (not what i'm looking for). These are stressful times.

Better walk away than sit with problems. I also was not prepared to buy into sectional title. The place I bought looks like an estate and also did my homework to confirm it was own title with no home owners association.

Was talking to someone a week ago and he was explaining the ballache that is home owners associations. Two hour meeting on what type of green should be used to paint their roofs. Crap like that.

 

[Fury05]

Better walk away than sit with problems. I also was not prepared to buy into sectional title. The place I bought looks like an estate and also did my homework to confirm it was own title with no home owners association.

Was talking to someone a week ago and he was explaining the ballache that is home owners associations. Two hour meeting on what type of green should be used to paint their roofs. Crap like that.

The one I looked at was slightly different because it is one plot divided into 2. So essentially you'll only have to deal with your immediate neighbour. It is still too much of a hassle for me. The day I purchase a home I never want to have to discuss anything before doing something on my own property. House prices are a bit ridiculous though, for anything half decent you need to look at the R600 000 - R700 000. A young couple just starting out probably wont have this kind of budget to work with.

 

[drkev]

I'm not here to knock SA Homeloans but they do not use the same system to determine your rate. They use the money market instead which is not regulated like the repo rate. Traditionally they have been on par with each other but there is a risk involved. Also your rate is not fixed and SA Homeloans will at regular intervals review your rate.

The risk for me was too high and even though they gave me 95% bond compared to 90% with FNB, I just felt that I had to be cautious.

Also with a R500K bond, you might not end up saving a lot. If your outstanding bond is less than 80% of the value of your property you can usually negotiate a better rate with your current bank as your bond is now lower risk.

Yes SA Home loans use the JIBAR. The difference for me is significant. At the rates I was qouted, on R500k I would save over R250k over the term of the loan, so it can be significant. JIBAR is adjusted quarterly.

SA Home Loans didnt just offer me a better rate, they blew all the banks right out the water. JIBAR is not going to jump 3% anytime soon, so I'll be better off for a long time to come.

 

[holler]

Yes SA Home loans use the JIBAR. The difference for me is significant. At the rates I was qouted, on R500k I would save over R250k over the term of the loan, so it can be significant. JIBAR is adjusted quarterly.

SA Home Loans didnt just offer me a better rate, they blew all the banks right out the water. JIBAR is not going to jump 3% anytime soon, so I'll be better off for a long time to come.

I'm also looking at changing to SA Homeloans - what was the rate they offered you?

 

[PsYTraNc3]

Hoping someone could give me some advice with this.

I applied through Better Life for bond quotations nearly 20 days ago and have only received one from Standard bank.
Does it usually take this long?

I was considering just getting quotes myself instead but then there's this line which was on the form I signed with them:

I hereby appoint the Originator as my sole agent, in order to obtain mortgage loan finance for the property specified on this application form, on my behalf. I
hereby consent to the Originator providing feedback to the estate agency concerned about the outcome of the mortgage loan finance application.

Does this mean that I have to get my bond through them or could I just ignore it?
I'm assuming they can't legally force me to get my bond through them but have to double check.

 

[bandooq]

Hoping someone could give me some advice with this.

I applied through Better Life for bond quotations nearly 20 days ago and have only received one from Standard bank.
Does it usually take this long?

I was considering just getting quotes myself instead but then there's this line which was on the form I signed with them:


Does this mean that I have to get my bond through them or could I just ignore it?
I'm assuming they can't legally force me to get my bond through them but have to double check.

1. Well yes for me it did take a long time with better bonds. Took a couple of days last week for my second bond with SAHL.

2. I'm assuming what you've signed is the application documents with better bonds so it's not binding.

 

[Billy]

My family has had good experience with SA Homeloans and Ooba. My experience with Ooba was exceptional and I ended with an ABSA bond at prime -2%, for a building loan for R1.3M (was some time ago though.)