FNB Home loan advise

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Zeeko

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Hey Guys

So i bank with FNB and wanted to get an access bond for a first time buyer. Again the benefit of ebucks would be great.
Did the process of pre approval and the consultant called me.
Wow was i shocked at the crap they told me.

I plan to for exampled take a home loan of R500k with the house only costing R300k and the R200k for renovations.

So i told her i want an access bond so i can put as much money into it as i can so my monthly instalments will be lower as well as in case of an emergency i can withdraw it.

Her response was they don't have access bonds, if i put in extra every month it wont bring my monthly instalments down, just the capital amount. Also i will need to fill in a form so they can capitalise it. Lastly if i want to touch the extra money i put in i need to fill in a form and they will look at it and release the money on confirmation

Im not sure if this is how they operate nowadays but it just seems like a moerse mission. I am actually considering just moving all my accounts to standard bank and speak to them.

I know there are people with experience on this here so any advise would be appreciated.
 
Zeeko said:
Hey Guys

So i bank with FNB and wanted to get an access bond for a first time buyer. Again the benefit of ebucks would be great.
Did the process of pre approval and the consultant called me.
Wow was i shocked at the crap they told me.

I plan to for exampled take a home loan of R500k with the house only costing R300k and the R200k for renovations.

So i told her i want an access bond so i can put as much money into it as i can so my monthly instalments will be lower as well as in case of an emergency i can withdraw it.

Her response was they don't have access bonds, if i put in extra every month it wont bring my monthly instalments down, just the capital amount. Also i will need to fill in a form so they can capitalise it. Lastly if i want to touch the extra money i put in i need to fill in a form and they will look at it and release the money on confirmation

Im not sure if this is how they operate nowadays but it just seems like a moerse mission. I am actually considering just moving all my accounts to standard bank and speak to them.

I know there are people with experience on this here so any advise would be appreciated.
Click to expand...

Is this what you looking to do?

https://www.fnb.co.za/home-loans/flexi-facility.html
 
Move all your accounts because their home loans suck? A bit rash.

Can't believe they don't have access bonds though. And is there still an eBucks benefit at all?

Pro tip: don't tell them you want an access bond so that you can lessen the interest they'll earn of you - just ask for an access bond.
 
Zeeko said:
Hey Guys

So i bank with FNB and wanted to get an access bond for a first time buyer. Again the benefit of ebucks would be great.
Did the process of pre approval and the consultant called me.
Wow was i shocked at the crap they told me.

I plan to for exampled take a home loan of R500k with the house only costing R300k and the R200k for renovations.

So i told her i want an access bond so i can put as much money into it as i can so my monthly instalments will be lower as well as in case of an emergency i can withdraw it.

Her response was they don't have access bonds, if i put in extra every month it wont bring my monthly instalments down, just the capital amount. Also i will need to fill in a form so they can capitalise it. Lastly if i want to touch the extra money i put in i need to fill in a form and they will look at it and release the money on confirmation

Im not sure if this is how they operate nowadays but it just seems like a moerse mission. I am actually considering just moving all my accounts to standard bank and speak to them.

I know there are people with experience on this here so any advise would be appreciated.
Click to expand...

If you want to have the extra money you put in available to you , don't adjust your monthly repayment.

Means that your repayments will still be the same but your interest will be lower and excess funds are accessible without having to fill application.
 
It's all just a matter of getting the right person on the end of the phone... Some of them do know what they are doing, but then there are a few... eish :)
 
if i put in extra every month it wont bring my monthly instalments down, just the capital amount.
Click to expand...

this is how loan accounts usually work.

PS: my mate has a personal loan with Std Bank and with the recent interest rate increase, he was informed that the instalment will stay the same, but the length of the loan will increase accordingly.
 
AccessBond is a standard bank product ;)
I also doubt you will get a loan for more than the property is worth.
 
Shi said:
this is how loan accounts usually work.

PS: my mate has a personal loan with Std Bank and with the recent interest rate increase, he was informed that the instalment will stay the same, but the length of the loan will increase accordingly.
Click to expand...

that's not legal is it?
 
Zeeko said:
So i told her i want an access bond so i can put as much money into it as i can so my monthly instalments will be lower as well as in case of an emergency i can withdraw it.

Her response was they don't have access bonds, if i put in extra every month it wont bring my monthly instalments down, just the capital amount.
Click to expand...
The first bit is true for any home loan irrespective of where you bank - if you pay extra into it, it will bring your loan term down, not your monthly installment.

The second bit sounds a bit off. You will need a flexi-facility, after which you can manage your account online. I have a scheduled monthly transfer going into my bond - it is then automatically capitalised. Whatever extra you pay into your bond, will then show up under your Available Balance in your homeloan account.

To draw from your homeloan, all you have to do is transfer from your homeloan account to another account, provided the amount you're transferring is <= your Available Balance...
 
Shi said:
this is how loan accounts usually work.

PS: my mate has a personal loan with Std Bank and with the recent interest rate increase, he was informed that the instalment will stay the same, but the length of the loan will increase accordingly.
Click to expand...

Thats weird. They have lowered my repayment every time the interest rate has gone up.
 
Not true. I can put in extra into my bond every month, and while the repayment does not change, the interest I am charged is lower. I can also transfer the money into my cheque account at any given time.

So in short, the person on the other end of the phone is an idiot.
 
F1 Fan said:
Not true. I can put in extra into my bond every month, and while the repayment does not change, the interest I am charged is lower. I can also transfer the money into my cheque account at any given time.

So in short, the person on the other end of the phone is an idiot.
Click to expand...

Nah dude....they have changed their flexi bond

I have 2 bonds from FNB

old bond - any extra money put in will lower repayments and excess money will be available

new bond - if you put in extra money and want repayments lowered the excess funds are not available to you
 
diggitydaz said:
Nah dude....they have changed their flexi bond

I have 2 bonds from FNB

old bond - any extra money put in will lower repayments and excess money will be available

new bond - if you put in extra money and want repayments lowered the excess funds are not available to you
Click to expand...

Why would you want lower repayments in anycase? That will eliminate any benefits from the extra cash.
 
I don't think it's possible NOT to get an access/flexi bond any more?

Regardless that person was talking a whole lot of *** in your ear.
 
F1 Fan said:
Not true. I can put in extra into my bond every month, and while the repayment does not change, the interest I am charged is lower. I can also transfer the money into my cheque account at any given time.

So in short, the person on the other end of the phone is an idiot.
Click to expand...

Yeah that simply sounds like a locked debit order to me...which is what any person who is putting money into a Flexi bond should be doing anyway.
 
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