First House!

TheRidDlerX said:
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.
Click to expand...

if its first loan and 100% it realy isnt a bad deal
 
Banks are more picky about mortgages than they were a few years ago (regulation/Basel3 issues plus the fact that they got burnt by the last downturn in the mortgage credit cycle in 2009ish).

Most new buyers will probably get prime+. If they're giving you prime it's probably close to as good as you're going to get in this environment. Gone are the days of 100% LTV (i.e. no deposit) and prime - 2%.

Banks would much rather make money off your credit card/ personal loan :)
 
Are you self employed or gainfully employed? That makes a big difference. They will hit you with a higher interest rate if you are self employed.
 
Agent_Smith said:
Are you self employed or gainfully employed? That makes a big difference. They will hit you with a higher interest rate if you are self employed.
Click to expand...

I'm self employed and they agreed to only fund 80% of the value of the house. Interest rate is a cool 6% though.
 
efitol said:
I'm self employed and they agreed to only fund 80% of the value of the house. Interest rate is a cool 6% though.
Click to expand...

Ah ok, that is nice! I bought a house with a mate of mine and when we applied they hit us with a 10.74% interest rate (due to him being self employed). I eventually bought him out and was able to renegotiate a rate of 9.2%.
 
Update : So i've hit the next hurdle in my purchase quest - needing to deal with the attorneys. I researched this beforehand and did multiple scenarios with the online calculators that are all over (Ooba, Remax, FNB, Rawson, etc). I knew that on a house worth R1M the transfer and registration is on average R45k, so i thought with mine in the R750k-R900k region it will at least scale down. Surprise. Preparing for this i was kinda bummed when i got the first invoice from the sellers' attorneys racking up R29k for transfer alone. Fine, i thought, lets hope the rest is not that bad then. Got the invoice yesterday for registration - another lekker R18. That racks up to R47k on my house not near a million in price. What do you all think, is that just how it is, or is it a little steep?
 
TheRidDlerX said:
Update : So i've hit the next hurdle in my purchase quest - needing to deal with the attorneys. I researched this beforehand and did multiple scenarios with the online calculators that are all over (Ooba, Remax, FNB, Rawson, etc). I knew that on a house worth R1M the transfer and registration is on average R45k, so i thought with mine in the R750k-R900k region it will at least scale down. Surprise. Preparing for this i was kinda bummed when i got the first invoice from the sellers' attorneys racking up R29k for transfer alone. Fine, i thought, lets hope the rest is not that bad then. Got the invoice yesterday for registration - another lekker R18. That racks up to R47k on my house not near a million in price. What do you all think, is that just how it is, or is it a little steep?
Click to expand...

That seems just about right.
 
TheRidDlerX said:
Update : So i've hit the next hurdle in my purchase quest - needing to deal with the attorneys. I researched this beforehand and did multiple scenarios with the online calculators that are all over (Ooba, Remax, FNB, Rawson, etc). I knew that on a house worth R1M the transfer and registration is on average R45k, so i thought with mine in the R750k-R900k region it will at least scale down. Surprise. Preparing for this i was kinda bummed when i got the first invoice from the sellers' attorneys racking up R29k for transfer alone. Fine, i thought, lets hope the rest is not that bad then. Got the invoice yesterday for registration - another lekker R18. That racks up to R47k on my house not near a million in price. What do you all think, is that just how it is, or is it a little steep?
Click to expand...

When i bought mine 740k just over an year ago i paid 35k. Got 8.2 interest from ABSA.
 
Update : So most attorneys offers discounts to first time home buyers, but they cant pick it up from the 'First Loan' on the application, so be sure to ask for it from both involved. I got 2.5k from the one and 1k from the other.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X