Odd requirement for home loan

[shooter69]

Anyone on this forum with a similar requirement from the banks?

“If you don’t have a degree you are paying more interest. If you have it, provide us with proof so that we can see if we can reduce your interest”

Moneyweb
https://www.moneyweb.co.za/moneyweb-radio/buying-and-selling-your-property-during-a-recession/

Not sure if this caller was smoking their socks but if this request is a reality, how fair is it?

 

[Ecco]

Its the truth, not many people know about it. I asked for a lower interest rate from the lady helping me with my Homeloan, she said send me a copy of your graduation certificate - it will help.

 

[ajv]

Degreed person has a lower risk profile I suppose. The same with smokers paying more for health insurance.

 

[vic777]

Investec asked me if I had a degree, and if I had, I had to provide proof - they took it into consideration in their decision.

 

[Ecco]

Also its not a "requirement" its optional

 

[longboy]

Aye. I gave Investec a copy of my Doctoral certificate and they took that into account when fixing the interest rate.

 

[xrapidx]

Investec didn't ask me for my Std 8 certificate...but did take into account where I worked, and made me aware that that was the reason for my account /

 

[vic777]

Investec asked me if I had a degree, and if I had, I had to provide proof - they took it into consideration in their decision.

I'll add, they didn't offer me the loan, haha

 

[Messugga]

Aye. I gave Investec a copy of my Doctoral certificate and they took that into account when fixing the interest rate.

< /HumbleBrag>

 

[Ninja'd]

Its the truth, not many people know about it. I asked for a lower interest rate from the lady helping me with my Homeloan, she said send me a copy of your graduation certificate - it will help.

Interesting. So if I went for a cheap degree like a BA, would the total savings in interest be more than the cost of degree?

 

[McGuywer]

How much does a BA cost though?

I know a LLB is also a degree that most banks will accept.
Even just opening an account (Investec).

 

[RustyPrincess]

Even more odd is your smoking status. One of the questions on a form from an originator - "Have you smoked any form of tobacco in the last year?"

 

[Ninja'd]

Even more odd is your smoking status. One of the questions on a form from an originator - "Have you smoked any form of tobacco in the last year?"

Something to do with life expectancy?

 

[Foxhound5366]

< /HumbleBrag>

Almost as bad as "While I was scanning my Doctorate, I got a paper cut. FML"

 

[Ninja'd]

< /HumbleBrag>

Almost as bad as "While I was scanning my Doctorate, I got a paper cut. FML"

C'mon it's Shaun108.

 

[pinball wizard]

Aye. I gave Investec a copy of my Doctoral certificate and they took that into account when fixing the interest rate.

The grammar Nazi jerks are going be keeping a watch on your posts from now on.

 

[Azbubu]

C'mon it's Shaun108.

A doctorate in incestuous relations is still a doctorate.

 

[Kloofvreter]

Degreed person has a lower risk profile I suppose. The same with smokers paying more for health insurance.

That makes fokkol sense.

 

[Kloofvreter]

And yet you can buy a R1mil car today and drive it away tomorrow. :erm:

 

[nivo]

Most insurances work like this now. When i took a Life Policy with Liberty they will give you a better rate the higher your qualifications. Lower risk profile, better understanding of any policies.

The guy explained something to the effect that a more qualified person understands the need for such policies and less reluctant to forfeit these policies.