Home loan advice

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epictree

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Currently looking for a bond. Have only tried Ooba and received various offers. ABSA didn't want to offer full loan even though I had 10% deposit. And the other banks are offering loan amount with prime plus 0.8% to 1%. Is it worthwhile going to my bank (FNB) and SA Homeloans? Ooba has an application with FNB being processed at the moment.
 
Bad time to buy at the moment. Count yourself fortunate if you manage to get near prime, let alone prime minus...
 
Mike Hoxbig said:
Bad time to buy at the moment. Count yourself fortunate if you manage to get near prime, let alone prime minus...
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Need to move out. Don't have a choice. Property market is crazy. People are still buying.
 
MickeyD said:
Do not be in a hurry to buy.... rather rent until you are 100% you have found your ideal property.
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Rentals are about 7k plus water and lights. I have found a place for SO and myself that we both like.
 
Owning a property has other costs as well besides interest. Rates & Taxes, Building Insurance, Maintenance & Repairs. This can quickly become more expensive than rental. Plus you can expect interest rate increases as well.
 
moklet said:
Owning a property has other costs as well besides interest. Rates & Taxes, Building Insurance, Maintenance & Repairs. This can quickly become more expensive than rental. Plus you can expect interest rate increases as well.
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Noted, we have considered all of that. Planning to settle bond before the 20 year term. We're buying what we can comfortably afford rather than the max we can afford.
 
pedo said:
Currently looking for a bond. Have only tried Ooba and received various offers. ABSA didn't want to offer full loan even though I had 10% deposit. And the other banks are offering loan amount with prime plus 0.8% to 1%. Is it worthwhile going to my bank (FNB) and SA Homeloans? Ooba has an application with FNB being processed at the moment.
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SA Homeloans is always worth checking with.
 
Nedbank? Can apply via the website, quick turnaround if you have a decent credit record.
 
Buy in the best area you can afford. Also think long term ie will you need more rooms, garage etc later. Rather wait and get what will meet you future needs than rush into something that meets only your current needs.
 
XPD said:
Buy in the best area you can afford. Also think long term ie will you need more rooms, garage etc later. Rather wait and get what will meet you future needs than rush into something that meets only your current needs.
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Area wise I don't think I can do better in terms of convenience and security. We said if we do need anything better we'll keep it as a rental property and buy elsewhere.
 
Buy don't rent and hammer the bond with all spare cash it will pay off in the long run trust me been there done that...:)
 
If you bank with FNB definitely give them a shot. I bank with them and they gave me the best rate by far. I used a mortgage originator, not Ooba though. Mine was good, initially the approval of the bond in principle was 0.45% below prime, then later on they had a bug in the system and offered a worse rate, we appealed as we knew they were having issues and the final rate offered was 0.6% below prime. I put down about a 13% deposit.

Also, if you play the eBucks game well and that could make all the difference.

Next bond you take with FNB after this one, they may even pay your bond costs for you: https://www.fnb.co.za/home-loans/move-home-not-your-homeloan.html if the offer is still around then...
 
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you will likely get a better rate directly with the bank then you will through a bond originator. Although they claim their service doesn't cost you anything they have to make their money somehow and usually this relates to an extra slice on top of the interest rate the bank would offer. No one works for free.
 
supersunbird said:
My bond was with SA Homeloans, great service and good interest rate for the near 8 years I used them
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Do SA Homeloans also offer flexi option like banks do? How easy is it to pay in additionally per month, or to take your additional payments back out?
 
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