Home Loan advice

tRoN said:
Thanks for the reply.

Apparently only SBSA offer that tiered option unless another bank can match that lowest tier

My friend is on the banks panel for bond reg and not only conveyancing
Click to expand...

I would believe that, I haven’t seen it before.

Seems unnecessarily complex for no real good reason but if you win you win.
 
tRoN said:
Thanks for the reply.

Apparently only SBSA offer that tiered option unless another bank can match that lowest tier

My friend is on the banks panel for bond reg and not only conveyancing
Click to expand...

As I am saying... if your friend on the panel is wow... let him hook you up with prime less 3%

Its who you know these days
 
zerocool2009 said:
As I am saying... if your friend on the panel is wow... let him hook you up with prime less 3%

Its who you know these days
Click to expand...
The attorneys don't get to determine interest rates, they handle home registration only. The credit guys make the call on rates. They hand the deal over to legal risk who instructs the attorneys to deal with the matter.
All it means when they're on the panel, is that they're in a pool of attorneys to which deals get allocated to deal with. This is usually done in proportion to the firm's performance.
If a client requests a specific attorney on the panel get the deal, the banks are usually accommodating.
Remember, there are two attorneys involved here, the transferring attorney and the registration attorney. The latter works for you as buyer and are the ones that'll give you a discount.
The former works for the seller and they have zero need to provide discount to you.
When we purchased our current house a year ago, the transferring attorney wasn't willing to budge at all on fees, and they definitely weren't cheap.
The registration attorneys gave us a pretty good discount without us even asking.
 
Not relevant to the question but some advice :

Just make sure that you will still be able to pay the bond when the interest rates go up .

If we end up where we were a year or two ago the bond payment will be R60 000 p/m
 
Messugga said:
The attorneys don't get to determine interest rates, they handle home registration only. The credit guys make the call on rates. They hand the deal over to legal risk who instructs the attorneys to deal with the matter.
All it means when they're on the panel, is that they're in a pool of attorneys to which deals get allocated to deal with. This is usually done in proportion to the firm's performance.
If a client requests a specific attorney on the panel get the deal, the banks are usually accommodating.
Remember, there are two attorneys involved here, the transferring attorney and the registration attorney. The latter works for you as buyer and are the ones that'll give you a discount.
The former works for the seller and they have zero need to provide discount to you.
When we purchased our current house a year ago, the transferring attorney wasn't willing to budge at all on fees, and they definitely weren't cheap.
The registration attorneys gave us a pretty good discount without us even asking.
Click to expand...

I think you dont need to educate me (think I can teach you a thing or two)
 
What I really wish for, interest rates to jump 3% up! I dont have enough expenses to write via Sars!
 
PotatoGuardian said:
We went with Standard Bank and apparently we have to apply for the access facility after we get the homeloan but I think it’s because we don’t have accounts with them https://www.standardbank.co.za/sout...or-your-needs/home-loans/Access-Bond-facility

The quotation from FNB (if they ever get back to you) has it written in their quotation under terms and conditions.
Click to expand...

As I said, bank to bank differ! Fnb can even revoke the flexi if you start trouble (its all in the terms).
 
Regarding to chose the transport leg (attorney), I now said ok... and they were totally kn the sellers side. I paid an full price before lodging, and the registration took 6 months. I lost more than R15000 (in interest paid because I bought cash)

Ask the seller, can you choose both legs (transport and bond), if not, walk away!
 
zerocool2009 said:
I think you dont need to educate me (think I can teach you a thing or two)
Click to expand...

I think I know plenty with how attorneys work with the banks, thank you, since I've worked both at e4 and now on the other side in client acquisition at a bank. But okay.
 
Messugga said:
I think I know plenty with how attorneys work with the banks, thank you, since I've worked both at e4 and now on the other side in client acquisition at a bank. But okay.
Click to expand...

Well, I am buying yearly property cash (thanks for the tips). Let me know if you want a tip or two
 
Never take a banks insurance, they are ripoffs and the cover is kark.
That quote is about 30% too high.
 
Messugga said:
The attorneys don't get to determine interest rates, they handle home registration only. The credit guys make the call on rates. They hand the deal over to legal risk who instructs the attorneys to deal with the matter.
All it means when they're on the panel, is that they're in a pool of attorneys to which deals get allocated to deal with. This is usually done in proportion to the firm's performance.
If a client requests a specific attorney on the panel get the deal, the banks are usually accommodating.
Remember, there are two attorneys involved here, the transferring attorney and the registration attorney. The latter works for you as buyer and are the ones that'll give you a discount.
The former works for the seller and they have zero need to provide discount to you.
When we purchased our current house a year ago, the transferring attorney wasn't willing to budge at all on fees, and they definitely weren't cheap.
The registration attorneys gave us a pretty good discount without us even asking.
Click to expand...

My friend is handling the conveyancing and the bond registration.
As you state he is on their panel and has no influence on credit c
 
lexor said:
Not relevant to the question but some advice :

Just make sure that you will still be able to pay the bond when the interest rates go up .

If we end up where we were a year or two ago the bond payment will be R60 000 p/m
Click to expand...

I will fix the rate if it goes that way. But will increase slowly by 25-50 basis points
 
The SARS leg of the buy is R476 000 (which you cant really miss, or in the sense ask discount).

Question, what is the rates and taxes like ? Did you view that ? Its not difficult to buy a R5 000 000 to R10 000 000 house ... The tricky part is extra costs (as in ongoing costs)
 
I'd go with Investec, easiest to deal with once you're banking with them.

Have you mentioned the standard bank rate, they might match it?
 
lexor said:
Not relevant to the question but some advice :

Just make sure that you will still be able to pay the bond when the interest rates go up .

If we end up where we were a year or two ago the bond payment will be R60 000 p/m
Click to expand...
I'm too lazy to do the quickmaff, but this doesn't seem right.
 
zerocool2009 said:
The SARS leg of the buy is R476 000 (which you cant really miss, or in the sense ask discount).

Question, what is the rates and taxes like ? Did you view that ? Its not difficult to buy a R5 000 000 to R10 000 000 house ... The tricky part is extra costs (as in ongoing costs)
Click to expand...

Yeah. Death and taxes can’t be avoided.

Rates, taxes, maintenance, improvements have to be factored in at any price range

It’s like people buy expensive cars and then cancel the insurance after 3 months cos they can’t afford to pay for it.
 
So after 30 odd posts no one can confirm if the tiered rate is a better option in the long run
 
tRoN said:
So after 30 odd posts no one can confirm if the tiered rate is a better option in the long run
Click to expand...
It looks like the cheapest option. Any other fees that they're hiding?
Personally, I'd not bother with it. Seems overly complicated. I'd bully one of the other banks to give me a lower rate, equalling a similar total cost.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X