Home Loan current interest rate and bank

[mohammedessay]

Hi Guys, just wondering what sort of interest rates people are getting recently on new homeloan? Last few months.
I put down 20% deposit with a clear credit record and got a rate of prime minus 0.25, not what i was expecting but hey its below prime.

second question would you choose fnb or Nedbank both offering same rate, although fnb is my bank and all my accounts with them, but they gave me real crap service throughout the loan application and it was Nedbank who came in with the low rate so fnb just matched it said they can't beat it although they my current bank i was expecting better. between the 2 banks which 1 would you opt for? Will i beable to negotiate rate later down the line? Fnb didnt review my current bond rate for last 5 years, give me same reason everytime.

any feedback is welcome.

 

[xodosman123]

I am with Nedbank Nuff said..

 

[^^vampire^^]

With ABSA, put down about a 15% deposit 1.5 years ago and got prime -0.5%

 

[fruitbat]

Hi Guys, just wondering what sort of interest rates people are getting recently on new homeloan? Last few months.
I put down 20% deposit with a clear credit record and got a rate of prime minus 0.25, not what i was expecting but hey its below prime.

second question would you choose fnb or Nedbank both offering same rate, although fnb is my bank and all my accounts with them, but they gave me real crap service throughout the loan application and it was Nedbank who came in with the low rate so fnb just matched it said they can't beat it although they my current bank i was expecting better. between the 2 banks which 1 would you opt for? Will i beable to negotiate rate later down the line? Fnb didnt review my current bond rate for last 5 years, give me same reason everytime.

any feedback is welcome.

Banks are full of it... throw the FNB rate back at Nedbank (even though it is the same), and see if they will beat it. Play them at their own game.

Having said that I moved my entire portfolio away from Nedbank -> FNB last year for similar reasons, but it was nedbank who treated me like I was cr@p...
From my POV Nedbank did me a favour as my banker @ FNB PW looks after me and banking has since become a pleasure and not a constant waiting game.

 

[TheShadow]

FNB gives the usual story that the offered rate is in line with the market, loan size blah blah.

Although FNB service was poor, keeping your bond at the same bank at which you do your other banking makes moving funds in to and out of the bond account much easier. If you arew really pedantic, you can save interest by parking your salary between payday and your debit order run day.

 

[mohammedessay]

I did go back to Nedbank who said they cant beat given that the rate is the same, so i guess although i am pissed with the way fnb treated me i will stick with them i guess as it makes sense as everything is there.

 

[mohammedessay]

What you guys think of the rate?

 

[hedgehog]

Just bought a house, 22% deposit, prime -0.75% at FNB

 

[srothman]

We got prime -1.05 with a 10% deposit.

 

[JeffMan]

Hi Guys, just wondering what sort of interest rates people are getting recently on new homeloan? Last few months.
I put down 20% deposit with a clear credit record and got a rate of prime minus 0.25, not what i was expecting but hey its below prime.

second question would you choose fnb or Nedbank both offering same rate, although fnb is my bank and all my accounts with them, but they gave me real crap service throughout the loan application and it was Nedbank who came in with the low rate so fnb just matched it said they can't beat it although they my current bank i was expecting better. between the 2 banks which 1 would you opt for? Will i beable to negotiate rate later down the line? Fnb didnt review my current bond rate for last 5 years, give me same reason everytime.

any feedback is welcome.

Try appealing your interest rate now.
I got prime - 0.5, appealed and it was brought to prime - 0.9. I had a similar % deposit to yours and a good credit record (and payment history with that bank)

 

[mohammedessay]

I have appealed, unfortunately they not budging- FNB playing hard ball.

I guess I will have to settle with prime - 0.25

 

[tk123]

I bought a house in November, First offer was prime +0.5 (9.75), I went back and forth between ABSA and FNB and eventually got Prime - 1 (8.25) from ABSA

 

[mohammedessay]

in my case, ABSA and Standard bank were completely useless throughout the process. Havent even bothered to get back to me. So I only had a choice between my bank fnb and Nedbank.

 

[Darko]

1st homeloan, 1,5 years ago. 100% bond, 0,25 below prime. Nedbank.

 

[mohammedessay]

Thanks for replies guys, I opted to go with my bank fnb at prime - 0.25 I did however manage to negotiate with them to pay the bond registration fees

 

[snowwolf]

Thanks for replies guys, I opted to go with my bank fnb at prime - 0.25 I did however manage to negotiate with them to pay the bond registration fees

Are they capitalising it (adding it to your bond) or paying it outright as part of one of their campaigns?

 

[mohammedessay]

They paying for it

 

[citizensa]

I wonder what's rate going for a 100% loan.Anyone got prime minus with 100% loan this year,if yes which bank is ready to negotiate

 

[Diabolix]

I got prime plus 0.5%, currently sitting at 9.75% (ABSA). That was for a 100% bond loan in 2014.

In the mean time I have put in numerous lump sums, going to try and see if I can negotiate with them to bring it a bit down.

 

[blunt]

1) ABSA bought in '06, quite a small loan (small flat in not too popular an area), very small deposit (bout 5%), got prime -1.25
2) FNB bought in '11, 95% loan - average amount (large flat in a popular area but not very fancy), prime + 0.5%
3) FNB bought this month, 90% loan, large amount (large house, fairly expensive area), prime -0.25%

Friends of mine got prime -0.75% from FNB, their loan amount was almost a third of mine though so I'm not sure how they make these decisions.. unfortunately we had hit the 72 hour clause in purchasing our new house (someone else was going to buy it cash) so had no time to negotiate.