Homeloan Interest Rates

jsheed_sa

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I got 9.65% from Nedbank (November 2017) - 2nd property and I had a 15% deposit.

Standard offered 9.85%
FNB (my bank) didn't even offer in time.
ABSA couldn't even get their act together to reply.
SA Home Loans (who my existing bond is with) wanted a 500k+ deposit and would only give 10%
 

ActivateD

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Hi guys

Sorry to revive an old thread. My best offer is from Nedbank which offered me 9.95% and 100% bond the other banks are in the 10% interest rate. Is this interest rate decent for the times we living in or should I fight to get a lower rate?
 
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Mike Hoxbig

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Hi guys

Sorry to revive an old thread. My best offer is from Nedbank which offered me 9.95% and 100% bond the other banks are in the 10% interest rate. Is this interest rate decent for the times we living in or should I fight to get a lower rate?
You should probably try and put down some kind of deposit if you can...
 

Hamster

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Hi guys

Sorry to revive an old thread. My best offer is from Nedbank which offered me 9.95% and 100% bond the other banks are in the 10% interest rate. Is this interest rate decent for the times we living in or should I fight to get a lower rate?
More or less what I got for a 100% loan.

Nedbank and FNB came back with 9.85%, Standard was 10.6% about and ABSA was over 11% plus wanted a deposit.
 

ActivateD

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More or less what I got for a 100% loan.

Nedbank and FNB came back with 9.85%, Standard was 10.6% about and ABSA was over 11% plus wanted a deposit.
You should probably try and put down some kind of deposit if you can...
Thanks Mike and Hamster. I did put down a deposit of R20,000 on a R1.87mill place and I am doing it via a home loan originator. What about this Builders Protector any company you can recommend that give good rates?
 

terencej

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Got 100% bond from FNB at Prime + 0.55% and if I move my bank account to FNB they drop it by 0.25%.

No other bank would offer me full loan.
 

Superman-7

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Prime -0.4, 100% bond, one year ago.

You would however be silly to accept the best offer first time round. I was quoted prime +1% from Standard Bank and slightly lower elsewhere. Eventually used FNB and Absa's offers to counter each other. Absa won.
 
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144Vuma

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Any updates on best rates for 2019? I'm applying for a bond and have a 40% deposit. Hoping for prime minus 1%. going through an originator as well as SA Homeloans as they dont work through originators.
 

bromster

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Any updates on best rates for 2019? I'm applying for a bond and have a 40% deposit. Hoping for prime minus 1%. going through an originator as well as SA Homeloans as they dont work through originators.
Don't tell them about the 40%. Apply with 0% deposit. They will expect to have you as a client for longer, and may be more lenient on your interest rate.

If you go in flashing all your cash, they will assume that you're smart and that you plan to pay off the bond quickly. They will offer a higher interest rate to milk you while they can.

Wait until you've signed on the dotted line, then drop your lump sum a month later. Their eyes will water because you just took R1m of interest out of their pockets. Well done.

Below prime is quite possible. Not many people buying at the moment. Prime -1 is a bit of a stretch, but you might get lucky.
 

signates

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2 bonds with standard bank. Both 100%. The first one taken in 2005 at prime - 1% the second one taken in 2011 at prime.
 

Thor

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Manged to get prime -0.4 about 2 weeks ago . Some of the banks are insane thou giving you prime or prime -0.1 . Shop around .
What bank?

I signed up via ooba today, I wonder what they would get.

Any benefit of them vs going to the bank self?
 

bromster

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What bank?

I signed up via ooba today, I wonder what they would get.

Any benefit of them vs going to the bank self?
They can probably get a better rate than you on average. However, I bank with Nedbank and I had a fair chunk of money in my account.

I told ooba not to apply with Nedbank. After ooba had come to me with their best offer, I went to Nedbank myself and told them that they could say goodbye to all the money in my savings account if they didn't beat the offer.

They did.
 

Nevar

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Ahh this was last year already. Both Absa and FNB offerd me the same rate . Absa took there sweet time to match FNB in the end thou . Almost 2 weeks after I signed they phoned and were willing to match the offer.
 

Sokum

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Every 6 month or so I ask FNB for a rate review from my bond down to my Credit Card, normally they knock a couple of points off everything.
 

Thor

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They can probably get a better rate than you on average. However, I bank with Nedbank and I had a fair chunk of money in my account.

I told ooba not to apply with Nedbank. After ooba had come to me with their best offer, I went to Nedbank myself and told them that they could say goodbye to all the money in my savings account if they didn't beat the offer.

They did.
That's a smart one. I'm going to remember this for next time.
 

quovadis

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That's a smart one. I'm going to remember this for next time.
In my opinion your bank should offer you the best rate based on your risk profile. So you can nickel and dime as much as you like if you have no credit history but ultimately the bank will always offer the best rate they can offer you based on their criteria. If you're having to threaten your bank with loss of business etc then you have to reassess your relationship with your bank.
 

Thor

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In my opinion your bank should offer you the best rate based on your risk profile. So you can nickel and dime as much as you like if you have no credit history but ultimately the bank will always offer the best rate they can offer you based on their criteria. If you're having to threaten your bank with loss of business etc then you have to reassess your relationship with your bank.
Makes sense, but knowing a few bankers myself I got the idea the bank will never offer you anything at the best deal they can do. Their business is to milk you.
 

Messugga

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Makes sense, but knowing a few bankers myself I got the idea the bank will never offer you anything at the best deal they can do. Their business is to milk you.
Yip. They're there to make a profit. The bankers/sales people will try and get the lowest rate they can in order to land the deal. Credit will push for as high a rate as they think they can get away with, in order to grow the book.
 
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