Home Loan prime minus

DrJohnZoidberg said:
So, curious to see what kind of rates people are being offered now with the interest rake hike (and more on the horizon).

I applied for a bond end of last week (first time home owner), have the first offer in:

Nedbank: Prime minus 0.7% (6.80%)
Nedbank (if I bank with them): Prime minus 0.95% (6.55%)

I currently bank with FNB, so will see what the other banks offer and will try to get FNB to match the best one (I don't feel like moving banks right now).
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Sometimes stick with your bank is better once you factor in bank charges.

I had good offers from all banks and went with FNB because of the low value of the bond. Saw no cents in going with Nedbank to save R100 on. Bond but pay R200 (or whatever the hell out was) in bank fees.

With the second bond I get bonus ebuck points. So big win. level 5 without effort
 
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DrJohnZoidberg said:
So, curious to see what kind of rates people are being offered now with the interest rake hike (and more on the horizon).

I applied for a bond end of last week (first time home owner), have the first offer in:

Nedbank: Prime minus 0.7% (6.80%)
Nedbank (if I bank with them): Prime minus 0.95% (6.55%)

I currently bank with FNB, so will see what the other banks offer and will try to get FNB to match the best one (I don't feel like moving banks right now).
Click to expand...

Nedbank gives you 50% off bond registration fees and 1% cash back on the loan amount (capped at R15,000). But not if you apply through an originator.

Too bad you'll get stuck with Nedbank though
 
DrJohnZoidberg said:
I'm working through a broker (Betterbond) but I'll enquire about that before signing anything.

Also the FNB rate came through also now which is prime minus 1.07% (6.43%) - this is the rate if I bank with them (which I do).
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Take this rate to all the other banks again.

Btw did Betterbond go to all the banks? If they didn't, then go to the ones that they decided not to. For my first property Betterbond didn't go to ABSA, BB gave me the offers from the other banks, I took it to ABSA and they took 0.5% off. Took that back to BB who then refused to give me offers in writing (only on the phone) because they were worried I would go back to ABSA with the counter offer. I ended up with prime less 1%.

Next time just go direct with the banks. They reward you for it. If you applied directly with Nedbank I think they pay your first premium (up to R15k last I remember). FNB gives ebucks. Etc.

Also, Nedbanks fine... Especially if it gives you a better interest rate.

You can also try Investec.
 
Grubscrew said:
The bank would like to make much money as possible from you. Your interest rate is based on the reasonable assumption that you will be paying it off over the quoted term and on them not trying to lose you to the opposition. If it looks like you are a client that pays off too fast then their will be no added benefit for them to offer you the bestest rate. But like in most things in life this just an indicator and some time the credit manager is high on coke and makes the weirdest decisions.

If you current home loan is with FNB, then I would advise you to go and get comparable quotes from the other banks before you approach FNB for a rerate.

In my opinion FNB is the OUTSURANCE of Credit Providers, offering great deals to the 1% that is perfect and making their profit from the 99% of smucks that are in it for the illusion of ebucks.
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Considering it’s the same source as Outsurance you aren’t even far wrong.
 
Got prime -0.75 12 years ago, sold in 2020 and bought new house. Best I could get was prime +.25 Never missed a payment in my life, essentially a perfect credit score. 693. Kind of annoying, but it is what it is.
 
ABSA has given me prime -1.15% (6.35%) the best offer so far.

Apparently STD are the only ones being sticky, still waiting on them.
 
I negotiated with Nedbank by using a quote from FNB.
I am supposed to be on 6.25% but I see that they did not update the system yet :mad:.
To add to this, they deducted the installment from the available balance in my bond and not from my bank account. :mad:
 
zerocool2009 said:
Going direct (as an example would save your) R32k (by doing 5 min admin). I am just saying
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My situation is more complicated than most, I work for an overseas company, get paid in dollars and don't have payslips. I really don't have the patience to have to deal with all that myself with every bank. I'm happy so far with how efficient Betterbond have been.
 
DrJohnZoidberg said:
My situation is more complicated than most, I work for an overseas company, get paid in dollars and don't have payslips. I really don't have the patience to have to deal with all that myself with every bank. I'm happy so far with how efficient Betterbond have been.
Click to expand...

Then you will have a bigger issue giving an ita34
 
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