See hidden discussions | Win great prizes | Get free support
Apparently they had both Nedbank and SA Homeloans offers, and the SA Homeloans one was the better one. Not first time buyers so I was actually surprised at the rate, would have expected it to be a bit lessSA Home Loans know they are a backup if the Banks don't grant anything...hence higher interest rate. Nice that they got 100%
FNB sucks as a bank to be honest...I don't know who does their maths, but they don't seem to know wtf they are doing.
I applied for a Homeloan 5 years ago and they declined as I haven't been with them for very long. I got my loan from Nedbank.They know exactly what they're doing,if you need to pay a house off over 30 years in the first place then yes you're probably over reaching anyway.
They gave me less 1,5% in 2019 with no previous banking record with them even,now that I have a record with them they'll probably do even better.
I applied for a Homeloan 5 years ago and they declined as I haven't been with them for very long. I got my loan from Nedbank.
I waited 5 years and then applied to switch to FNB because I want everything to be together. They declined it...I wasn't applying for a new loan, I was applying to switch a home loan that's paid on time, every time. And it's on 20 years, not 30, but even if it was 30 years, you have no say in who is over reaching...maybe someone who's taking it over 30 years wants to buy whats best for their future plans, you don't know and you should not be judging them.
How come you didnt fix for the whole period?Not a single client banking credit scoring are the same! (Its nothing to do with credit history as in credit4life or transunion).
The rate given by the “rate engine” look at your banking profile.
I got offered 6.5% (fixing my interest rate for 36 months).
My advise, dont compare friends and other clients rates. Put your best deposit down, pay all fees in cash! And then simulate a lower rate!
Really? Didn't know that. I know that fixed rate option is normally more but I thought you could do it for the full term.They won't let you. Usually banks wont allow you to fix for more than 60 months and even then it's usually at a much higher rate than the current floating rate.
Because I buy property cash every second year, just by regearing. And once fixed, your flexi facilty is frozen, as you cant prepay your bond!
For me personally a flexi bond is much more powerful than fixing it.
They make too much money apparently.I purchased my first place towards the end of last year and got a rate of 6.3%
My own bank (FNB) didn't want to do the full amount - went via OOBA and STD Bank offered the full amount at 6.3%
Not sure what's going on with FNB recently, it's like they don't want to make money
I don't know if anyone mentioned it but these are 30 year loans... That's likely a big issue as well.ABSA just blew FNB out the water...
FNB: 100% bond
with 7.9% over 20 yearswith 8.1% over 30 years(My OWN bank)
ABSA - Option 1: 100% Bond with 7.00% over 30 years(Considering to move my salary here for further interest rate drop)
SA Home Loans: 95% Bond with 7.7% over 30 years(Backup deal)
Standard Bank: Nothing yet....slow AF with admin