shadow_man
Executive Member
That's not normal. You're telling me the bank gave you prime (10.25%) - 2.5%...
You'd have to work for them to get that rate - that or its a huge mistake.
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Homeloan Interest Rates
- Thread starter Dolby
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That's not normal. You're telling me the bank gave you prime (10.25%) - 2.5%...
You'd have to work for them to get that rate - that or its a huge mistake.
shadow_man
Executive Member
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%
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
Expert Member
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?
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
Honorary Master
You should probably try and put down some kind of deposit if you can...
Hamster
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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.
ActivateD
Expert Member
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?
shooter69
Expert Member
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.
No other bank would offer me full loan.
Superman-7
Senior Member
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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.
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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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.
AchmatK
Honorary Master
2 bonds with standard bank. Both 100%. The first one taken in 2005 at prime - 1% the second one taken in 2011 at prime.
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.
That's a smart one. I'm going to remember this for next time.
quovadis
Honorary Master
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
Honorary Master
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.