Offer to purchase question

[MidnightZA]

Just got this from the attorneys that did my transfer (not sure why they still email me).

Good luck to those buying in/around Durban

 

[marysms]

Quickly had a chat to fnb HL (higher powers). Other banks only does a credit assessments after the fact!

Or..

You dont want to hear what the bank said : declined

I had the worst experience with FNB earlier this year, I applied via the app and a day later followed up and spoke to the consultant who asked to send some documents, which I sent promptly. Roll down a week later status showed outstanding documents, called the call centre only to be told nothing had been uploaded.

At that time I applied to blue bank online, an hour later got a call from their HL Consultant, 20 minutes later got quotation letter. At that point I notified FNB to cancel my application, then the consultant started running around like a headless chicken, asking me if I could afford the property despite having a pre-appoved letter indicating an amount double what I wanted as I had about 50% deposit. I politely asked him cancel my application.

So there is something wrong with either their process or some of their consultants

 

[Gtx Gaming]

Yeah fnb still nothing. Only got an letter saying everything was submitted with a ref number. Hopefully don't loose the property

 

[marysms]

Just out of interest, if one were to buy next to a mountain what are some of conditions would one add on the otp or be on the lookout for if there are some rocks or boulders on a cliff next to the house which seem to be held by a tree and could fall of if the tree was removed.

 

[marysms]

Yeah fnb still nothing. Only got an letter saying everything was submitted with a ref number. Hopefully don't loose the property

Good luck, I hope they come through soon for you, I know the waiting game and ticking clock on the loan conditions

 

[zerocool2009]

Fnb normal bond (self submitted) 7 to 14 days

Fnb structured lending (private and up) up to 3 weeks ... also self submitted

 

[marysms]

Fnb normal bond (self submitted) 7 to 14 days

Fnb structured lending (private and up) up to 3 weeks ... also self submitted

Are these timelines for Approval in Principal?

Would application through an originator result in shorter timelines?

 

[zerocool2009]

Are these timelines for Approval in Principal?

Would application through an originator result in shorter timelines?

Principle and final grand! Make sure all your docs are in order. And tax registered! If you apply and dont pay taxes, dont waste the banks time

Its the same process! Direct or via an MO

 

[Toxxyc]

I've also had horrible experience with FNB. First, they flat-out refused to give me a pre-approval (been a customer for years) without an address to link it to. I told the consultant that it doesn't make sense - you do pre-approval BEFORE you put an offer on a place, so you know what you can look for, but she insisted I need to have an address. Later (after back and forth) I sent her my home address, just to have an address. She then said she wanted a signed OTP. For a pre-approval.

I skipped on them completely.

Later when I had an OTP I went to a bond originator who also applied at FNB for the home loan. First, they refused to give me a loan any longer than 240 months. Then they refused a loan without a deposit, and finally came back with a high interest rate. Way higher than any other bank's numbers.

So I ended up not going with FNB, no matter what their "benefits" are. Their home loan section seems to be a total mess.

 

[zerocool2009]

I've also had horrible experience with FNB. First, they flat-out refused to give me a pre-approval (been a customer for years) without an address to link it to. I told the consultant that it doesn't make sense - you do pre-approval BEFORE you put an offer on a place, so you know what you can look for, but she insisted I need to have an address. Later (after back and forth) I sent her my home address, just to have an address. She then said she wanted a signed OTP. For a pre-approval.

I skipped on them completely.

Later when I had an OTP I went to a bond originator who also applied at FNB for the home loan. First, they refused to give me a loan any longer than 240 months. Then they refused a loan without a deposit, and finally came back with a high interest rate. Way higher than any other bank's numbers.

So I ended up not going with FNB, no matter what their "benefits" are. Their home loan section seems to be a total mess.

It all boils down to, do you want to buy a can of bake beans or property. FICA is huge ! If you dont have an address, the bank is breaking rules (think about that).

Do you have a clue how many non tax payers tries to buy property ? (its actually funny).

Its really easy to say any bank bad (think about the reasons why they gave answers that the client that he/she didnt wanted to know) => as in facts

Honestly, glad a bank helped you at the end of the day ! A bond is a bond !

 

[Mike Hoxbig]

I've also had horrible experience with FNB. First, they flat-out refused to give me a pre-approval (been a customer for years) without an address to link it to. I told the consultant that it doesn't make sense - you do pre-approval BEFORE you put an offer on a place, so you know what you can look for, but she insisted I need to have an address. Later (after back and forth) I sent her my home address, just to have an address. She then said she wanted a signed OTP. For a pre-approval.

I got pre-approval without an address. Just do it via nav>> home on the app. You get 5 pre-approvals every 3 months. Just need to enter the area you're interested in for each pre-approval.

The issue with consultants is that each one has a different story...

 

[zerocool2009]

I got pre-approval without an address. Just do it via nav>> home on the app. You get 5 pre-approvals every 3 months. Just need to enter the area you're interested in for each pre-approval.

The issue with consultants is that each one has a different story...

So true, lets take a private banker as an exmple ! They must know 200 products on their finger tips ! Day or night (that is why I even skip that channel on a bank and just apply direct).

So many clients moan about how long things take via a banker, its just another postbox (channel)

 

[Toxxyc]

I got pre-approval without an address. Just do it via nav>> home on the app. You get 5 pre-approvals every 3 months. Just need to enter the area you're interested in for each pre-approval.

The issue with consultants is that each one has a different story...

I did this. 4 times. It didn't work.

 

[zerocool2009]

I did this. 4 times. It didn't work.

Honestly, you should have ask for the highest possible homeloan expert in the bank to explain to you, why you need an actual address (and the reason would be : your personal information should be up to date).

At a stage I know FNB banned accounts (as in closed for clients with non Fica details).

 

[marysms]

It all boils down to, do you want to buy a can of bake beans or property. FICA is huge ! If you dont have an address, the bank is breaking rules (think about that).

Do you have a clue how many non tax payers tries to buy property ? (its actually funny).

Its really easy to say any bank bad (think about the reasons why they gave answers that the client that he/she didnt wanted to know) => as in facts

Honestly, glad a bank helped you at the end of the day ! A bond is a bond !

Yes a bond is a bond, but I think @Toxxyc referred to the address that FNB required in order to generate a Pre-Approval and not his actual proof of address, currently on on their NAV functionality they resolved this by asking a client to supply an address or area of interest.

The frustration is on the amount of time it takes to get a response from FNB when one has been banking with them for many years. You would expect your bank to know you better than any other bank.

 

[zerocool2009]

Yes a bond is a bond, but I think @Toxxyc referred to the address that FNB required in order to generate a Pre-Approval and not his actual proof of address, currently on on their NAV functionality they resolved this by asking a client to supply an address or area of interest.

The frustration is on the amount of time it takes to get a response from FNB when one has been banking with them for many years. You would expect your bank to know you better than any other bank.

Very true what you are saying !

A simple question, you want a bond, but you cant proof your "income". What now ? Must the bank say "dont worry, we will hook you up ?"

If one thing on their checklist doesnt add up, they are taking the risk, they can say "no thanks"

 

[zerocool2009]

What actually amazes me about buying a property and clients. The bank that gets the application must review it. I see that as a job interview. If you want to b u l l s h i t the new employer, you wont get the job.

If the bank must beg you for documentation, its a sign (wake up, they want to process it).

I have mentioned it over and over, if you apply, make sure you have all the required docs, from income / expenses, proof of income (and dont say I bank with them). Well, if they want it, they want it.

If you are fussy and want the bank to grand a bond on a plate (think again), there are some work that needs to be done. That is why ALOT of clients make it a MO issue to get them a bond.

 

[zerocool2009]

I've also had horrible experience with FNB. First, they flat-out refused to give me a pre-approval (been a customer for years) without an address to link it to. I told the consultant that it doesn't make sense - you do pre-approval BEFORE you put an offer on a place, so you know what you can look for, but she insisted I need to have an address. Later (after back and forth) I sent her my home address, just to have an address. She then said she wanted a signed OTP. For a pre-approval.

I skipped on them completely.

Later when I had an OTP I went to a bond originator who also applied at FNB for the home loan. First, they refused to give me a loan any longer than 240 months. Then they refused a loan without a deposit, and finally came back with a high interest rate. Way higher than any other bank's numbers.

So I ended up not going with FNB, no matter what their "benefits" are. Their home loan section seems to be a total mess.

I quickly phoned the HL high powers. They wont reject an application for NON fica or if you address wasnt specified. There is another reason ! (Mmmmm, now I wonder what that could be).

 

[Toxxyc]

You're missing the point. I didn't apply for a bond - I tried to find out what I would qualify for, if I am to buy a house. I wanted a pre-approval, in other words, a number from FNB that I can borrow if I want to buy a house. I have accounts with them, all FICAd and everything in place.

They just didn't want to tell me "Sir, you can get a homeloan for R100". They refused. All other banks gave me written offers - BEFORE I applied for a loan.

 

[zerocool2009]

You're missing the point. I didn't apply for a bond - I tried to find out what I would qualify for, if I am to buy a house. I wanted a pre-approval, in other words, a number from FNB that I can borrow if I want to buy a house. I have accounts with them, all FICAd and everything in place.

They just didn't want to tell me "Sir, you can get a homeloan for R100". They refused. All other banks gave me written offers - BEFORE I applied for a loan.

What I am saying, if you want to know why they didnt say "yes" to a preapproval, let me know ! I can get answers for you (if you want). Maybe the bank wrote off bad debt, x or y ... who knows