First House!

TheRidDlerX

TheRidDlerX

Senior Member
Joined
Apr 30, 2008
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Location
Jukskei Park, Randburg
So life is moving forward and i just had our offer to purchase signed by the owners. The transfer attorneys are getting the papers ready and my mortgage attorney is going to be FNB directly (as the person i know there says she can negotiate me an awesome interest rate). My question is, since July 2012 Prime is 8,5%. What would be the maximum rate i should be getting the feeling of highway robbery at, and what is a nice deal?
 
All depends on your credit rating, deposit etc.

Prime or Prime + 1 - that is what the banks are lendingat the moment.
 
TheRidDlerX said:
So life is moving forward and i just had our offer to purchase signed by the owners. The transfer attorneys are getting the papers ready and my mortgage attorney is going to be FNB directly (as the person i know there says she can negotiate me an awesome interest rate). My question is, since July 2012 Prime is 8,5%. What would be the maximum rate i should be getting the feeling of highway robbery at, and what is a nice deal?
Click to expand...

From what i can tell, it depends on the area you purchased, value of property, deposit, length of loan and credit status.
So its a long list of stuff, anything near prime is a good deal i would imagine
 
watch the news, ecomonist are expecting a intrest rate hike soon due to inflation increasing. so what you think your bond repayments are now are going to be even more after that intrest rate hike.
 
Thanks for all the replies. Actually according to http://www.ooba.co.za/home-loan/calculators/bond-interest-rate this is the prime time (excuse the pun :)) to be buying a property. The property is in a good residential area near Malibongwe and ive been adamant on building my credit score since day 1 about 4years ago. Going for the standard 20y loan, planning to settle it in 7-10. If i were to get anything close to prime, or even Prime -1 i would be very happy. Looking at the graph below its crazy that you were able to get 6.7%, depending on when you took out your bond you must have gotten Prime -3 or even 4!

OutputImage2.png
 
TheRidDlerX said:
Thanks for all the replies. Actually according to http://www.ooba.co.za/home-loan/calculators/bond-interest-rate this is the prime time (excuse the pun :)) to be buying a property. The property is in a good residential area near Malibongwe and ive been adamant on building my credit score since day 1 about 4years ago. Going for the standard 20y loan, planning to settle it in 7-10. If i were to get anything close to prime, or even Prime -1 i would be very happy. Looking at the graph below its crazy that you were able to get 6.7%, depending on when you took out your bond you must have gotten Prime -3 or even 4!

View attachment 37470
Click to expand...

I got prime -1.8, my friend had Prime - 2.2.

This was in 2005
 
Prime is the going rate for most buyers.

Luckily my bonds are all on -2.2%
 
Pretty funny. I just got 7.8% (-0.7) from FNB and my other/previous loan is 6.7% (-1.8) from ABSA. ABSA seems to have become stingey in the interim. FNB were the only ones giving 100% (or close to).
 
I got Prime-85 from Nedbank about 2 years ago and my friend got Prime-100 from FNB 3 or 4 months back.
 
Update : Ok so FNB came back to me with 8.6% which i thought was a little steep, so i told them to do better. They countered with 8.5% >.< Now checking the other banks to see what i can get, but everyone is telling me to go for it and that it's a great deal. For some reason i just don't feel too happy about it.
 
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