Offer to purchase question

derp90 said:
Yeah, and that is an additional R400 per month! Sneaky
Click to expand...
Yeah FNB tried to be very sneaky with wife and I - despite us filling in the form that states the debit order will come off her (Private) account, when signing with attorneys we saw they changed this to my Premier account, and we'd lose that extra discount. Had to go into a bank for them to change back.
 
derp90 said:
In these Ts and Cs they stipulate that it must be paid from a private client fusion account/cheque account/ single facility to get the main banked discount
Click to expand...
In that case No.

I'm on premier and still get the main banked discount being less 0.25%

As indicated, if it was for the additional discount then I would understand why they indicating such
 
Let's say your instalment debit of R20k comes off on the 31st, but you've already paid R20k on the 1st.

Does the debit still come off and the money you already paid go into your flexi/access?
 
derp90 said:
Let's say your instalment debit of R20k comes off on the 31st, but you've already paid R20k on the 1st.

Does the debit still come off and the money you already paid go into your flexi/access?
Click to expand...

Yes.

The prepaid and debit orders are 2 different things
 
zerocool2009 said:
Yes.

The prepaid and debit orders are 2 different things
Click to expand...
So when you say you prepay your bond, it just means you put extra money in before your debit goes off, effectively lowering your interest due as that extra money reduces the loan amount:>?
 
derp90 said:
So when you say you prepay your bond, it just means you put extra money in before your debit goes off, effectively lowering your interest due as that extra money reduces the loan amount:>?
Click to expand...

Correct. If you prepay the bond owed comes down, interest charged per day also gets less.

One trick I know, with FNB, if a debit order goes off, you can borrow that back after 7 days.

The biggest trick in life is the flexi for me. Its pure bliss how you can invest in yourself... and in time it snowballs
 
Quote from a document received from the auditors when I asked for the Financials of a complex in which I want to buy:

auditor.jpg

Should I insist on getting the docs?

The complex looks great, well maintained and I've received a copy of the Rules and the last AGM.
 
3WA said:
That’s a big red flag. Either the trustees are blocking the audit, or the admin is in a huge mess.
Click to expand...

RedViking said:
Wonder what they hiding.
Click to expand...

Same thing occurred to me :unsure: Aren't auditors supposed to check financials - otherwise why bother to have them?

Crazy isn't it..............

I'll speak to the agent and maybe make an offer pending receipt of satisfactory audited financials.

Years ago a friend bought a place in CT with decent levies. What neither the agent nor the owner disclosed was that the complex had an annual "special levy". Always wondered what that was about or if it's legal but need to ask about that too.
 
maumau said:
Same thing occurred to me :unsure: Aren't auditors supposed to check financials - otherwise why bother to have them?

Crazy isn't it..............

I'll speak to the agent and maybe make an offer pending receipt of satisfactory audited financials.

Years ago a friend bought a place in CT with decent levies. What neither the agent nor the owner disclosed was that the complex had an annual "special levy". Always wondered what that was about or if it's legal but need to ask about that too.
Click to expand...

My friend rented in a complex where the owners were paying a special levy of R8000 extra per month for major upgrades in the complex. Special levies can really screw you if you don't know about them or have a say.
 
Aeryn23 said:
My friend rented in a complex where the owners were paying a special levy of R8000 extra per month for major upgrades in the complex. Special levies can really screw you if you don't know about them or have a say.
Click to expand...

I only invest in an upmarket estate, well run’d and executed. Low levies. Zero special levies ever! Its important to ask the question when last was a special levy requested, and why
 
zerocool2009 said:
I only invest in an upmarket estate, well run’d and executed. Low levies. Zero special levies ever! Its important to ask the question when last was a special levy requested, and why
Click to expand...
Well,if any unexpected major expense happens a special levy could be levied,upmarket or no

Ps. When buying the seller is liable to notify buyer of any known current or incoming special levies
 
Aeryn23 said:
My friend rented in a complex where the owners were paying a special levy of R8000 extra per month for major upgrades in the complex. Special levies can really screw you if you don't know about them or have a say.
Click to expand...

zerocool2009 said:
I only invest in an upmarket estate, well run’d and executed. Low levies. Zero special levies ever! Its important to ask the question when last was a special levy requested, and why
Click to expand...

PsyWulf said:
Well,if any unexpected major expense happens a special levy could be levied,upmarket or no

Ps. When buying the seller is liable to notify buyer of any known current or incoming special levies
Click to expand...

Yeah, the previous complex we lived in one or two homes started sinking (Richards Bay is built on sea sand). Everyone has to foot the bill for that one.

The complex we stay in now I saw our neighbours busy moving to another house in the complex. Their house is sinking ow as well!!! Looks much worse.

So glad I am not the owner of any of these units.

Durban with the lots of rains. Boom. Multimillion homes..... gone.
 
maumau said:
Same thing occurred to me :unsure: Aren't auditors supposed to check financials - otherwise why bother to have them?

Crazy isn't it..............

I'll speak to the agent and maybe make an offer pending receipt of satisfactory audited financials.

Years ago a friend bought a place in CT with decent levies. What neither the agent nor the owner disclosed was that the complex had an annual "special levy". Always wondered what that was about or if it's legal but need to ask about that too.
Click to expand...

Well did your friend ask for the minutes of the agm? Probably not.
 
So I have money in the savings I have built up for a deposit. It got a bit of a dent due to wife's health and family crisis's.

After doing some rough estimates for a 1.3-1.5m home it looks like the fees alone are almost a 100K. This doesn't leave me with much for the deposit.

Would a 100% loan be unrealistic?

I just did a pre-qualification via Absa and will be buying for way under the loan amount. Absa Credit Scores is 10/10 and Clearscore is 676/705. Pre-qualified Interest rate 7.05%.

There is another option I can look at for the deposit, but would prefer not to touch it at this stage.
 
Last edited:
RedViking said:
So I have money in the savings I have built up for a deposit. It got a bit of a dent due to wife's health and family crisis's.

After doing some rough estimates for a 1.3-1.5m home it looks like the fees alone are almost a 100K. This doesn't leave me with much.

Would a 100% loan be unrealistic?

I just did a pre-qualification via Absa and will be buying for way under the loan amount. Absa Credit Scores is 10/10 and Clearscore is 676/705. Pre-qualified Interest rate 7.05%.

There is another option I can look at for the deposit, but would prefer not to touch it at this stage.
Click to expand...
Would you be open to apply for a loan which exceed 100%?
 
The_Mowgs said:
Would you be open to apply for a loan which exceed 100%?
Click to expand...
I'm not following? Why would I need more than 100% home loan? Is this even possible?

Edit: Sorry for my ignorance, I see this now:
www.ooba.co.za

105% home loans in South Africa: What do they cover?

105% home loans make home ownership a realistic prospect for first-time buyers, removing sizeable upfront property costs such as deposit and transfer costs.
www.ooba.co.za www.ooba.co.za

What impact will this have on the loan interest rate?
 
So let's say I apply for the transfer costs to be included in the loan, but I still offer to put down a 8-10% deposit. Will this possibly reduce the interest rate offered?

In the end things balance out, so from my perspective whether I spend the 100K on a deposit or on transfer fees, does not matter. But not sure from the bank's perspective what this looks like.
 
RedViking said:
So let's say I apply for the transfer costs to be included in the loan, but I still offer to put down a 8-10% deposit. Will this possibly reduce the interest rate offered?

In the end things balance out, so from my perspective whether I spend the 100K on a deposit or on transfer fees, does not matter. But not sure from the bank's perspective what this looks like.
Click to expand...

Wont the attorneys be more willing to give discounts if you were to pay them upfront? Rather them waiting for the funds from the bank.

On the ooba transfer calculator the fees for a R1.5m bond is just below R90k. The attorneys can discount their fees (10 to 20% if you lucky). If you can get 20% off their fees (R60k est from ooba, but it would vary). That would be a big saving of R12k.


1653030763980.png
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X