Bond originators - your experience and advice needed

Schizoid29 said:
Yup. They approached Nedbank, FNB, Std Bank and ABSA on my behalf. ABSA cancelled the OOBA application since I had my own independent application at the time.


How much do you like filling in forms? Does it make you all wet and excited? I filled in forms for ABSA and OOBA and thought that was quite enough. Otherwise I would have had to do it 4x times.

I suspect you're likely going to get the same offers either way and the originator can negotiate better deals on your behalf on the basis of your financial situation/credit score/better offer from another bank etc. In the original post I mentioned that the FNB offer dropped from prime+1 to prime+0.25 - this happened after I told the originator of the better ABSA offer.
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Thanks for the feedback.

I agree re not wanting to fill in forms.

So far I've done my own bank, SAHL and OOBA.

SAHL offered a higher loan amount (40% more) but a worse interest rate than my bank.

OOBA are yet to come back to me.
 
*Digging the thread out of the bottomless pit*

Any recent experience with bond originators vs going directly to the bank?
 
A good bond originator is worth their weight in gold. My current recommendation for somebody that is looking to get a bond. Bond originator for Absa, Standard Bank and FNB and a direct application at Nedbank and SA Homeloans.
 
Wyzak said:
Be very careful of mortgage originators. I used them in the past when they use to give you a slice of the pie that they receive from the bank. They have since stopped doing that and even though I have still occasionally asked them for quotes they have been considerably worse than the banks directly. You can fill in all the documentation online for all of the banks and you do not need to put a foot inside their door until you have accepted the quote and need to sign the final papers. I can also highly recommend SAhomeloans for efficiency. The banks did make several mistakes and threw away papers which I handed in.

Don't expect the bond originator to follow up with the banks like you would yourself.
One of my colleagues was also unable to get a quotation himself for a property he wanted to buy because the mortgage originator had already received a quote and the bank would not give more than one quote per property.
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This. Bond originators are hit and miss from my experience.

I've had one that got me a really good rate and was on top of everything, but I've also dealt with one who was wasting my time. I had to keep calling them for progress and they kept losing documents I sent them. Plus I got a better rate going directly to a bank I didn't want and when I showed them this rate they went back to the bank I wanted and got me an even more reduced rate. It was just weird.

I would say use the originators, but apply to other banks yourself too.
 
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SaoirseB said:
This. Bond originators are hit and miss from my experience.
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Yip, they are either ultra amazing, or ultra poo it seems. I'd say try find a friend/relative/co-worker who has dealt with one recently and had good results. Otherwise do it yourself
 
Time for a home loan ... and as a first timer I am getting mixed signals like crazy!

Use a bond originator. No go direct as bond originators cost the bank money. No use an originator as they can negotiate a better rate. No use sahomeloans as originators will always have higher rates. No don't use sahomeloans rather use ooba. No, ooba is the worst, use an originator rather. :mad:
 
ld13 said:
Time for a home loan ... and as a first timer I am getting mixed signals like crazy!

Use a bond originator. No go direct as bond originators cost the bank money. No use an originator as they can negotiate a better rate. No use sahomeloans as originators will always have higher rates. No don't use sahomeloans rather use ooba. No, ooba is the worst, use an originator rather. :mad:
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I secured a loan through Ooba about 1 month ago. SAHL couldn't even come close to what they managed to negotiate with the banks.
Ooba was a great experience, and I'll make use of them again. Was the Gauteng South branch iirc.
If you have the time, you can try to approach the banks yourself, but negotiating with them might be more difficult and slower.
Nedbank doesn't work with originators - you'll still have to approach them yourself.
 
I used betterbond or something like that, they refused to take nedbanks (I applied directly) offer to standard bank (they applied).
For that reason alone I wouldnt recommend using an originator.
 
rodga said:
I used betterbond or something like that, they refused to take nedbanks (I applied directly) offer to standard bank (they applied).
For that reason alone I wouldnt recommend using an originator.
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Why not?? Ooba was more than willing to take written offers from Nedbank and SAHL to SB and FNB.
 
So I ended up applying directly to the banks myself. The bond originator the estate agent recommended spelt my name wrong twice, so I didn't feel like she was properly qualified to be filling in forms on my behalf.

Nedbank and FNB got back to me the quickest, Standard bank was a day afterwards, and ABSA is so useless I wouldn't even bother (their rate was 1.2% higher than the other banks and the insurance was 4 times the amount from FNB). All applications done online, took about 20 to 30 minutes per application.
 
Friedpet said:
Why didn't they take the offer?
You answered the 2nd option in your first post, thanks.
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apparently something about SB not looking at offers, im sure it BS, but the rate from NB was decent enough and I couldnt go directly to SB after the originator submitted the application.
 
RustyPrincess said:
So I ended up applying directly to the banks myself. The bond originator the estate agent recommended spelt my name wrong twice, so I didn't feel like she was properly qualified to be filling in forms on my behalf.

Nedbank and FNB got back to me the quickest, Standard bank was a day afterwards, and ABSA is so useless I wouldn't even bother (their rate was 1.2% higher than the other banks and the insurance was 4 times the amount from FNB). All applications done online, took about 20 to 30 minutes per application.
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get your own insurance quote - also ask them to waive life insurance if it is a requirement
SB insurance was 550, NB 650 but got through my own broker which was about 350-400
 
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