Offer to purchase question

And amazingly, transfer hasn't even gone through yet, and I am getting calls from agents on behalf of "investors" who are looking to buy properties in the area.

I only just moved in, dammit, I'm sure as hell not selling up straight away!
 
FNB just came back with a 100% bond quote which includes 7.75%(8.0% less 0.25% because I bank with them) interest and a 240-month term. I am surprised by the rate and term as other people here and around me is getting 6.5% or better, and over 30 years.

Still waiting on Standard Bank and ABSA....

My Bond Originator that has gone back to FNB to ask for a better interest rate of course.

Is this always the banks initial quote after submitting OTP and relevant information?
 
Tjoker said:
FNB just came back with a 100% bond quote which includes 7.75%(8.0% less 0.25% because I bank with them) interest and a 240-month term. I am surprised by the rate and term as other people here and around me is getting 6.5% or better, and over 30 years.

Still waiting on Standard Bank and ABSA....

My Bond Originator that has gone back to FNB to ask for a better interest rate of course.

Is this always the banks initial quote after submitting OTP and relevant information?
Click to expand...

Do you have alot of credit currently (as in your credit history). A friend of mine is doing everything cash. He applied, got a silly rate too.

A big tip, if you push your FNB Homeloan (pay off 15% capital), and do a review 1 year later, FNB will better your rate
 
Tjoker said:
FNB just came back with a 100% bond quote which includes 7.75%(8.0% less 0.25% because I bank with them) interest and a 240-month term. I am surprised by the rate and term as other people here and around me is getting 6.5% or better, and over 30 years.

Still waiting on Standard Bank and ABSA....

My Bond Originator that has gone back to FNB to ask for a better interest rate of course.

Is this always the banks initial quote after submitting OTP and relevant information?
Click to expand...
I got 7.25% after the discount because of risk, I had DirectX loan (my mistake, I phone to tell them to make it 3 installments from R1800 to R9000 to wipe off the loan, impacted my affordability), they took 4 months to get it out Transunion, I could not wait and accepted the 7.25% which is decent enough for now. But after a year FNB will review it and hopefully will get a rate of prime - 0.5% at least.

7.75% seems a little high, wait for SB and ABSA, if they beat offer, your bond originator will get you 0.5% less your current quote.

FNB initial quote was 95% bond and 7.9%, ended up 100% bond and 7.25%.
 
Tjoker said:
FNB just came back with a 100% bond quote which includes 7.75%(8.0% less 0.25% because I bank with them) interest and a 240-month term. I am surprised by the rate and term as other people here and around me is getting 6.5% or better, and over 30 years.

Still waiting on Standard Bank and ABSA....

My Bond Originator that has gone back to FNB to ask for a better interest rate of course.

Is this always the banks initial quote after submitting OTP and relevant information?
Click to expand...

FNB just came back with 0.1% lower....as if they don't want me as a client anymore
 
zerocool2009 said:
Do you have alot of credit currently (as in your credit history). A friend of mine is doing everything cash. He applied, got a silly rate too.

A big tip, if you push your FNB Homeloan (pay off 15% capital), and do a review 1 year later, FNB will better your rate
Click to expand...

Thanks for the tip.

Dark Agent said:
I got 7.25% after the discount because of risk, I had DirectX loan (my mistake, I phone to tell them to make it 3 installments from R1800 to R9000 to wipe off the loan, impacted my affordability), they took 4 months to get it out Transunion, I could not wait and accepted the 7.25% which is decent enough for now. But after a year FNB will review it and hopefully will get a rate of prime - 0.5% at least.

7.75% seems a little high, wait for SB and ABSA, if they beat offer, your bond originator will get you 0.5% less your current quote.

FNB initial quote was 95% bond and 7.9%, ended up 100% bond and 7.25%.
Click to expand...

Ja I found out subsequently that where you have credit available, example Markhams, Credit Card, they deduct the maximum payment of these, even if the balance is 0 for two years, and then work out your affordability.
 
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