Bond interest rate

Remember never be forced into taking their insurance on the bond it's crap and expensive.
 
beefymoocow said:
I think you income needs to be over a million a year. Or you need to be a CA trainee, Doctor or lawyer.
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Found a website which states qualifying criteria as R800k. Not sure if website is outdated however.
 
saturnz said:
The total loan depends on your income and the rate depends on your credit score.
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This is not entirely true. The banks seem to make up the rules as they go. Whatever means more profit.
 
ambroseg1 said:
This is not entirely true. The banks seem to make up the rules as they go. Whatever means more profit.
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Well the maximum they can lend you does depend on your income. Doesn't meant that they will lend you that much.

The rest of it will be due to the bank's internal risk management processes. And yes, banks aren't charities, they are there to make money. Why would they give you a better interest rate if they didn't have to?
 
Hemi300c said:
Remember never be forced into taking their insurance on the bond it's crap and expensive.
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Are you talking about credit life insurance? Can you decline it if you already have sufficient life insurance?
 
rodga said:
I believe that amount is correct
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Investec called today. They are sending a private banker to me tomorrow to apply for a home loan. The R800k is cost to company and not salary. So based on that I qualify to apply.
 
ambroseg1 said:
Investec called today. They are sending a private banker to me tomorrow to apply for a home loan. The R800k is cost to company and not salary. So based on that I qualify to apply.
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i.e. about R66k pm gross (before tax and deductions) plus benefits? Or how do they calculate cost to company?
 
air said:
do you have a degree, what about doffies that earn that much but don't? :-)
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I think a degree is necessary as that is the very first thing I was asked. I have a 3 year BSc degree in IT from a university.
 
rodga said:
Let us know how it goes.
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Will definitely report back here. Still haven't heard a word from the bond originator about any offers from the other 3 big banks.

Also got quotes today for bond registration and transfer duties. Scum bag lawyers even quoted higher than all the websites say the costs should be. This whole property business is one sick ****ing black hole of a money pit with parasites at every turn asking crazy amounts of money for bull ****.
 
Update:
FNB offered same as Standard Bank.
ABSA offered R2,210,000 which is basically useless to me.

Banker from Investec didn't bother to make contact again. So will use SA Home Loans.
 
Update for anybody still interested:

Standard Bank: Revised their offer. 10.65% is the new offer. So they are now cheaper than SA Home Loans whose offer was 10.7%.
FNB: Are doing a property evaluation today and will thus revise their offer tomorrow or Monday of 11.1% initially offered. I was also informed they would look favourably on the offer if I would move my cheque account to them.

Banker from Investec sent an email last night at 9PM asking me to fill out forms including the forms to move my bank account to them. This of course was not discussed with me. So not only did this douchebag not bother to honour our appointment, he automatically assumes I will change my bank despite it not being a requirement for a home loan. Yeah. If that is how "rich" people are treated at the "rich" people bank, then I will stick with the plebs.
 
Thanks for the update and thanks to all for keeping this thread active. I started yet and despite all the feedback, still haven't got my ass in gear about actually doing my own enquiries into my bond interest rate. Will hopefully get some time next week to do and report back :)
 
ambroseg1 said:
Update for anybody still interested:

Standard Bank: Revised their offer. 10.65% is the new offer. So they are now cheaper than SA Home Loans whose offer was 10.7%.
FNB: Are doing a property evaluation today and will thus revise their offer tomorrow or Monday of 11.1% initially offered. I was also informed they would look favourably on the offer if I would move my cheque account to them.

Banker from Investec sent an email last night at 9PM asking me to fill out forms including the forms to move my bank account to them. This of course was not discussed with me. So not only did this douchebag not bother to honour our appointment, he automatically assumes I will change my bank despite it not being a requirement for a home loan. Yeah. If that is how "rich" people are treated at the "rich" people bank, then I will stick with the plebs.
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Disgusting from Investec. That does seem to smack of complete elitism. I wonder if yours is an isolated incident or whether this is the norm.
 
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