Moving home loan

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Cloud

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I currently have a home loan with Nedbank but I do most of my banking with FNB.

I've had the bond with with Nedbank for more than three years, how much of a mission would it be to move over to FNB?

Also, does FNB offer the same "flexi" option that allows you to move money onto the bond and then extract it again when needed?

Any help would be much appreciated.
 
I wanted to move my one bond from ABSA to FNB but fnb not interested in taking over home loans. Maybe you'll have better success...
 
It will cost you the bond registration fees.. (prob about R15k).

Not much of a mission as far as I know, and yes FNB do offer the same "flexi" option.
 
Cloud said:
Eish, not worth it for that amount :o
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Definitely not worth it! FNB should be clever and cover the costs. I know for sure I will move my home loan over and they will end up making much more money out of me than the costs of the registration fees.
 
You can include the costs in the new homeloan from what i know...
 
Just moved my bond over to FNB from Nedbank. Really easy. FNB cover the bond registration costs up to the value of your current bond (if you want to register a larger amount you have to pay the difference). Then you have to pay an initiation fee (around R5.5k), attorneys fees (around R2k) and whatever the cancellation costs on the current bond are. All in all it worked out to about R11k but I did register the new bond for a larger amount so I had to pay the additional registration costs.
 
Did you get a better interest rate ?
 
I moved to FNB, they paid all costs except cancellation costs of the old bond. Interest rate was not much better though, only did it cause of flexi facility.
 
Did you give notice to previous bank? How much are cancellation costs?
F1 Fan said:
I moved to FNB, they paid all costs except cancellation costs of the old bond. Interest rate was not much better though, only did it cause of flexi facility.
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moved from STD bank to FNB, only paid R5700, got a 1.5% better rate
 
I think its worth it if you can get a better rate. They say you should get a credit report. Then see what you can do to get a better credit rating. Then you can go to the bank and ask for a better rate.
 
Jehosefat said:
Just moved my bond over to FNB from Nedbank. Really easy. FNB cover the bond registration costs up to the value of your current bond (if you want to register a larger amount you have to pay the difference). Then you have to pay an initiation fee (around R5.5k), attorneys fees (around R2k) and whatever the cancellation costs on the current bond are. All in all it worked out to about R11k but I did register the new bond for a larger amount so I had to pay the additional registration costs.
Click to expand...

I also moved (from Standard) and paid similar charges to above.
You only get the flexi-option (access bond) if you have your main transactional account with FNB.
They define main transactional account as the account into which your salary gets deposited.
 
Also moving from Nedbank to FNB, was at Prime - 0.1% at Nedbank, FNB offering Prime - 0.5%
 
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