Does anyone have experience of this? I've been searching Google the Great but it seems to tell me only bond originators can arrange pre-approval. Is this true. I tried to call the bank but they seem to be closed (Sunday 8am-ish).
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Getting Pre-Approval on a home loan:
- Thread starter Waaib
- Start date
some do, some dont.. depending on your financial girth... most new home buyers first choose a place, then the valuator values it, then the bank approves a loan based on that... if you can slap town 10%+ deposit though, and your monthly fees is waay less than 30% of your net income, they will probably pre-approve.
diabolus
Executive Member
Depends on the bank....and on what planet do you live where banks are open on sundays? They're barely open during week
. Anyway my sister got her loan pre-approved from Investec (Private Bank) , but only because she got accounts with them and they had full access to her records. I don't think any of the big 4 banks will pre-approve these days unless you already have a personal banker at said bank and got some serious money power there.
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Standard Bank gave me pre-approval for a home loan when I applied about 5 months ago.
Otherwise what you can do is good to the back and let them work out how much you can afford in monthly repayments, which will give you an idea of the type of house value you can look for.
Also if you are looking and can afford it put money away for a deposit.
Otherwise what you can do is good to the back and let them work out how much you can afford in monthly repayments, which will give you an idea of the type of house value you can look for.
Also if you are looking and can afford it put money away for a deposit.
broken1
Expert Member
The banks don't like committing to pre-approval because they want to know what the property is first. The loan to value (whether you are getting a 100% bond or 90% bond) will depend on the purchase price and value of a specific property.
The bank doesn't want to get into the situation where they approved R1m, you buy a house for R1m, worth R900k and they have to turn around and say they won't give you a R1m bond.
The bank doesn't want to get into the situation where they approved R1m, you buy a house for R1m, worth R900k and they have to turn around and say they won't give you a R1m bond.
TheShadow
Well-Known Member
you can apply for a bond pledge on the Standard Bank website.
its essentially the home loan application minus the property details, so they provide the amount they would offer you as a home loan.
this won't indicate deposit requirements or whether they will be happy with the property as they need to do valuations first.
its essentially the home loan application minus the property details, so they provide the amount they would offer you as a home loan.
this won't indicate deposit requirements or whether they will be happy with the property as they need to do valuations first.
marco79
Expert Member
ToxicBunny
Oi! Leave me out of this...
FNB positively refuse to do pre-approvals.... I've had this fight with them recently....