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Sign up with GoogleCape Town Bond Originators
- Thread starter duderoo
- Start date
Natas
Expert Member
- Joined
- Sep 19, 2006
- Messages
- 2,309
Don't bother with Bond Originators. They are thieves and get a commission from you for filling in your application form for you.. THAT IS ALL THEY DO!
As an alternative, go to the bank and say you wont go through an originator and for that you want a commission, what they would usually give the originator. Or find someone who works at Absa. Absa has, or had a programme where if a staff member refers a bond, they get money. Find someone who works there to split the comm with you. Bond originators can be evil self serving people who get you the deal that works best for THEM.. not you!
As an alternative, go to the bank and say you wont go through an originator and for that you want a commission, what they would usually give the originator. Or find someone who works at Absa. Absa has, or had a programme where if a staff member refers a bond, they get money. Find someone who works there to split the comm with you. Bond originators can be evil self serving people who get you the deal that works best for THEM.. not you!
Natas
Expert Member
- Joined
- Sep 19, 2006
- Messages
- 2,309
What do you mean? they want to add another 0.3% onto your overall interest rate on your existing bond? Or is that a once off finance cost?
It sounds like you want to take out an additional amount on an existing bond with Nedbank. If your outstanding amount on the bond at the moment, together with the additional amount you want to lend is less than what your bond was registered for, then this is called a "no futher bond" and I can understand why they want to charge you the 0.3% other than the fact that the banks price for risk.
It sounds like you want to take out an additional amount on an existing bond with Nedbank. If your outstanding amount on the bond at the moment, together with the additional amount you want to lend is less than what your bond was registered for, then this is called a "no futher bond" and I can understand why they want to charge you the 0.3% other than the fact that the banks price for risk.
Natas
Grandmaster
Default
Don't bother with Bond Originators. They are thieves
I think you are generalising here, I'm fairly confident that less than 1% of bond originators are thieves, and then they are probably thiefing something non bond related. As far as I know there is no way for a bond originator to steal money (or do the client in) from the client.
Yes you are right they do earn a commission when they get a bond approved, just like you earn a salary when you go to work (note here I’m saying go to work not actually working); are you then also seen as a thief if you play on mybroadband in your bosses time.
The 4 biggest bond originators in SA are Ooba (mortgage sa) PA beta bond, bond choice and wizard, if I take a guest they do about 75% of bonds in the market and the banks do the rest. Since November last year 3 of that companies amalgamated, now I’m involved with that company, now I can honestly tell you if we send your bond to any of the 4 banks the commission are the same. Even if the Nedbank liaison is this sexy 36D, most bond originators will still send your bond to the first bank with the best interest rate. Why; because we work for our money, the 36D don’t put food on the table.
Whether you go to a bond originator or directly to the bank, your end product is going to be the same. Your advantage however with going to a bond originator are: 1. Its hassle free, you don’t have to go to 4 banks, you see 1 guy and he does the rest 2. Your bond originator will be able to fight for a better rate, where you as a walk in customer won’t have that advantage. 3. Your going to do a lot of paper work if you go directly to the bank. 4. Some bond originators will organize you some discount with attorneys 5. In some cases a good bond originator will give you better information that your local bank branch.
Grandmaster
Default
Don't bother with Bond Originators. They are thieves
I think you are generalising here, I'm fairly confident that less than 1% of bond originators are thieves, and then they are probably thiefing something non bond related. As far as I know there is no way for a bond originator to steal money (or do the client in) from the client.
Yes you are right they do earn a commission when they get a bond approved, just like you earn a salary when you go to work (note here I’m saying go to work not actually working); are you then also seen as a thief if you play on mybroadband in your bosses time.
The 4 biggest bond originators in SA are Ooba (mortgage sa) PA beta bond, bond choice and wizard, if I take a guest they do about 75% of bonds in the market and the banks do the rest. Since November last year 3 of that companies amalgamated, now I’m involved with that company, now I can honestly tell you if we send your bond to any of the 4 banks the commission are the same. Even if the Nedbank liaison is this sexy 36D, most bond originators will still send your bond to the first bank with the best interest rate. Why; because we work for our money, the 36D don’t put food on the table.
Whether you go to a bond originator or directly to the bank, your end product is going to be the same. Your advantage however with going to a bond originator are: 1. Its hassle free, you don’t have to go to 4 banks, you see 1 guy and he does the rest 2. Your bond originator will be able to fight for a better rate, where you as a walk in customer won’t have that advantage. 3. Your going to do a lot of paper work if you go directly to the bank. 4. Some bond originators will organize you some discount with attorneys 5. In some cases a good bond originator will give you better information that your local bank branch.