Homeloan - interest rate

czc said:
Hmmm, seems the banks give everyone different service.
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This i also went through a bond originator Within 2 days I had a AIP from FNB(albeit they are my normal bank) and they gave me a beeter rate then i was expecting at pime -0.5% i didnt even wait for the others(im impatient :p) but two days alter i had the final quote from them all in all it took less then a week to get sorted on the banks side now im waiting on the attorneys side for transfer and registration but they have told me if they really drag their feet it will be end of April
 
InSanity said:
This i also went through a bond originator Within 2 days I had a AIP from FNB(albeit they are my normal bank) and they gave me a beeter rate then i was expecting at pime -0.5% i didnt even wait for the others(im impatient :p) but two days alter i had the final quote from them all in all it took less then a week to get sorted on the banks side now im waiting on the attorneys side for transfer and registration but they have told me if they really drag their feet it will be end of April
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Which bond orginator?
 
blunomore said:
This is probably the best place to raise this:

I am amazed at the difference in the way banks approach home loans. Through a bond originator, we applied to 4 different banks for a home loan and each one had a different answer!!! Shocking!!!

Nedbank said that since we own our own business, they cannot help us with a homeloan UNLESS we have a cheque account with them, which we do not.

ABSA granted our loan at 8.26%, but it took them THREE WEEKS just to get a valuator out to see the property.

FNB turned our application down because according to them our income does not justify a loan of the size that we wanted. How come ABSA thinks otherwise??

Standard Bank has UP TO NOW not had the decency to respond to the application. How very mediocre!!
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Went through a similar process recently.

Nedbank: If you / your spouse does not bank with Nedbank then they will only give you 60% of loan

Absa: Had to wait 2 weeks but they approved

FNB: Had approval in 2 days

Standard: Had issues about company not being in phone book etc etc etc. Eventually came back after 3.5 weeks after the decision to go with FNB had been made.
 
blunomore said:
So does it mean they all have different criteria or is it simply the human element in interpreting the criteria?

I am amazed that one can get 4 different responses!
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Also has to do with the amount of property that a particular bank has in that area. if fnb have 30 financed properties in that area and std only 2, std will probably give you a better interest rate due to their being less risk.

Also, it is much easier when you bank with that particular bank bank.

Four years ago, I had 5 maxxed out credit cards, personal loans, quite a bit of debt and I got prime - 1.8% on a 100% loan with costs

This year,way higher salary (6x), NO DEBT, got prime + 1 on a 100% loan with FNB who I now bank with

Incredible...
 
GhostSixFour said:
Which bond orginator?
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I also used a bond originator. Better Bond, was suggested buy the Estate Agent. They were quite good.
Lawyers now just dragging their feet getting the paper work from the Executors. Deceased Estates seems to be a bit slower than a normal home sale.
 
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