Buying my first house

Scooby_Doo said:
Just don't.
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Thing is, the house is good, has a jungle gym in the front and a solar heated swimming pool in the back(my son wants both). There is a Mosque nearby and a playground ( which people use, not like the one I have currently which is risky to go to)
The toilets and kitchen are newly done..
It has a solar water heater installed and a solar-assisted power backup system. Has security system fence, alarm, cameras and beams.
Basically, I like everything and is in my budget except the fact that it's opposite a railway line. I saw the second house on the same road and rejected it straight away.
 
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Paul_S said:
Railways often bring crime. They essentially provide cheap/free transport to thieves who can hop on and off without detection. It may not be that bad if there isn't a station close by but if there is and the trains are moving slowly past the houses it may facilitate unwelcome "visits".
The same usually applies to houses bordering on a freeway - easy access for house robbery.
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The house is far from the railway station and the fence is also intact. Is that a good sign then ?
 
Hi,
I have found a house and the offer was accepted. Next step is getting the Bond. The agent has recommended better-bond. I am going to submit to Ooba as well. any other suggestions ?
I and my wife are applying together and we both are on FNB. can they help us ?
 
It's worthwhile to approach both types, i.e. banks and betterbond, etc., so you can compare their terms. Sometimes, once you have one offer in hand, you might be able to use that to successfully negotiate a better deal with another bank/institution.
 
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House also in ryland? 2 roads there named after my family.
One named after my dad's mother's family (her maiden surname) and then one also named after his father's side (my surname). The road between these 2 roads are named after the place my grandfather comes from.

Very nice area. I suspect it's in the vicinity you initially had planned to buy.
 
Gozado said:
It's worthwhile to approach both types, i.e. banks and betterbond, etc., so you can compare their terms. Sometimes, once you have one offer in hand, you might be able to use that to successfully negotiate a better deal with another bank/institution.
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You can’t get both.

It’s either bond originator or direct.

If you want to go direct best to do that with your bank and tell originator to exclude them.

They won’t do both, for the very reason that you can then compare.
 
SauRoNZA said:
You can’t get both.

It’s either bond originator or direct.

If you want to go direct best to do that with your bank and tell originator to exclude them.

They won’t do both, for the very reason that you can then compare.
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I'm not sure who the "they" is, who won't do both, but what I meant was exactly that: do compare.

Know your facts and figures and prepare your spreadsheets well. Then do the leg-work to shop around, working your way through one bank after the next, precisely so that you can then compare the offers, yourself. And then possibly go back to some of them, to say that you've had a better offer, and asking whether they are prepared to better it.

There are posts on this forum from people who first set a bond-originator on the task, and then, or parallel, went to ask at the banks, and vice versa. Some then got a better deal directly from a bank while for others the best deal was found by a bond-originator. It is worth making the effort to do the work.
 
Gozado said:
I'm not sure who the "they" is, who won't do both, but what I meant was exactly that: do compare.

Know your facts and figures and prepare your spreadsheets well. Then do the leg-work to shop around, working your way through one bank after the next, precisely so that you can then compare the offers, yourself. And then possibly go back to some of them, to say that you've had a better offer, and asking whether they are prepared to better it.

There are posts on this forum from people who first set a bond-originator on the task, and then, or parallel, went to ask at the banks, and vice versa. Some then got a better deal directly from a bank while for others the best deal was found by a bond-originator. It is worth making the effort to do the work.
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The banks don’t allow applications from both sides any more so there is nothing to compare.

It may have been possible on the past, but not in the last few years.
 
I must be missing something. Whom to you mean by "both sides"?

If I go to Bank A, then Bank B, then Bank C, and talk to each separately, I will be given three different offers. I can do this myself, and compare. Then I can return to Bank A and say that Bank B has offered me better terms, and ask whether Bank A is willing to match or better those. Repeat, should I wish to. Then I can compare those and choose the one that suits me best.

I'm still not bound to sign on the dotted line for any of those. If I ask a bond-originator to look, after that, will they just say: "Oh, no, sorry, you've already sullied yourself by having talked to a bank yourself, so we don't want your business, after all."?
 
You cant ask a MO to apply for you, and apply at the same bank. The MO will lose 1% to 2% of the sale price if the direct rate is lower.

Banks are very clever, they check you against your ID if you have anything pending.

In short, you can simulate a lower rate just by pre-paying the bond!
 
Oh, I have to admit it: I just don't understand. I can see that there's a gap between what you're posting and what I'm, but I don't seem to be able to follow you... not sure which part I'm not getting, though. I still can't see why I wouldn't be able to each bank in turn, on my own steam, and thereafter ask a bond-originiator if they could beat any offer I'd received.

Perhaps it's this part that I'm stumbling over: "The MO will lose 1% to 2% of the sale price if the direct rate is lower." If you (or someone else) still have/has the patience for teaching, would you please try to explain what that means, please?
 
Smokey mcpot said:
House also in ryland? 2 roads there named after my family.
One named after my dad's mother's family (her maiden surname) and then one also named after his father's side (my surname). The road between these 2 roads are named after the place my grandfather comes from.

Very nice area. I suspect it's in the vicinity you initially had planned to buy.
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Khalfe, parker and Latvan??
 
Friend of mine is using the low interest to buy a property. Worked it out to the last cent and said he included all the extra monthly fees. 30 year loan. I tried to tell him it is not a wise idea but everyone tells him it is better for him to buy than to rent. What does he think is gonna happen when the interest goes up? Lol, when people think an Agent is there to give them a good deal. Stupid. But too late now, busy with the last stages. Now he has to pay 50 000 in fees (bond registration and transfer costs) which is not covered by the 100% loan and I don't think he has the money. Even if he manage to get it, it will be more debt.

What are the fees one can expect to pay on a R1.2m home?
R50 000 sounds a lot to me and this is after the agent snake took their commission and disappears?
 
joker08 said:
Khalfe, parker and Latvan??
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Khalfe is not correct, but Parker and Latvan are. Parker, Latvan and then another road running next to Latvan park. Don't mention it here though so that my privacy and be kept on the forum.
 
Gozado said:
Oh, I have to admit it: I just don't understand. I can see that there's a gap between what you're posting and what I'm, but I don't seem to be able to follow you... not sure which part I'm not getting, though. I still can't see why I wouldn't be able to each bank in turn, on my own steam, and thereafter ask a bond-originiator if they could beat any offer I'd received.

Perhaps it's this part that I'm stumbling over: "The MO will lose 1% to 2% of the sale price if the direct rate is lower." If you (or someone else) still have/has the patience for teaching, would you please try to explain what that means, please?
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Ok, let me explain a bit more in detail.

If you go via a morgage originator, they will want to get paid for doing work (and that is 1% to 2% from the purchase price, and the BANK pays that, not you).

The last few messages was related to, can you apply via a MO and also direct ? The answer is, the bank will only process one application.

I see daily that FNB's clients apply via a MO, but want the eB perk for applying "direct".

Does it make now more sense ?

So in short, the MO want to get paid for work done. So if you want to benefit directly, go direct (thats what I tried to say/explain)
 
RedViking said:
Friend of mine is using the low interest to buy a property. Worked it out to the last cent and said he included all the extra monthly fees. 30 year loan. I tried to tell him it is not a wise idea but everyone tells him it is better for him to buy than to rent. What does he think is gonna happen when the interest goes up? Lol, when people think an Agent is there to give them a good deal. Stupid. But too late now, busy with the last stages. Now he has to pay 50 000 in fees (bond registration and transfer costs) which is not covered by the 100% loan and I don't think he has the money. Even if he manage to get it, it will be more debt.

What are the fees one can expect to pay on a R1.2m home?
R50 000 sounds a lot to me and this is after the agent snake took their commission and disappears?
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He will be looking at R59800 roughly before transfer. That is if he takes a bond out aswell

Bond costs: R26928
Transfer costs: R32865

Source: BetterBond
 
I got a call from a rep from standard bank(agent recommended) when I said better bond, he said ask them apply for all banks but standard bank.
Fnb also asked something similar and so did OOBA in their application form
 
I tried the BO route and ended up more frustrated than anything else. They had already gotten quotations from the banks and because I was not happy, applied directly to my own bank and the initial offer received was higher than what BO got from the same bank. At some point (shortly thereafter) the bank picked up that there is an existing application made on my behalf by the BO. And said until one of the applications are cancelled, I can’t move further. Long story short, I was ***vol with the BO. Told them to please cancel the application made on my behalf (silly I couldn’t ask the bank to cancel directly, I had to ask the BO), then got that done and happier as a result. I know some have had success with BO’s, however I’m glad I went direct.
 
Applied through better Bond yesterday, still no reply from them.
Tried FNB app, it just wont allow me to attach my documents, All i was able to was take a pic of my ID. submitted application anyway.

Also, the broker recomended a standardbank rep. He contacted me, offered prime rate -0.1% if we switch to standard bank. first we have to open an account then he will process the loan.
he also said he will be our personal banker said he can manage insurance and stuff as well. sounded genuine had a standard chartered email etc. Just wondering what this is all about.
 
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