Offer to purchase question

RedViking said:
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?
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Yeah Im not sure about the impact on the interest rates unfortunately, perhaps @zerocool2009 could advise on this and what the best route to follow will be.
 
Are attorneys discounting fees just something you should always ask for? Just email and say 'please can I have a discount'?
 
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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 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.
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100% isnt unrealistic. Definitely possible. The interest rate probably won't be as good compared to putting down a deposit but definitely doable.
 
beefymoocow said:
Well did your friend ask for the minutes of the agm? Probably not.
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I don't think he did. Naive first time buyer but in my opinion the agent should have volunteered the info.

I'd never heard of a special levy before.
 
maumau said:
I don't think he did. Naive first time buyer but in my opinion the agent should have volunteered the info.

I'd never heard of a special levy before.
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Complexes do have special levies at times. I used to own a flat in CT. We had a small special levy of about R200 for 12 months to pay for electric fencing around the complex boundry walls. Special levies generally come down to a vote at the AGM.
 
Aeryn23 said:
Complexes do have special levies at times. I used to own a flat in CT. We had a small special levy of about R200 for 12 months to pay for electric fencing around the complex boundry walls. Special levies generally come down to a vote at the AGM.
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Thanks for this, will keep it in mind.
 
maumau said:
I don't think he did. Naive first time buyer but in my opinion the agent should have volunteered the info.

I'd never heard of a special levy before.
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Last special levy I had to deal with was when our estate had a huge water leak and a 3month-long 10x water bill

Hoes en betaal is die wet van transvaal
 
maumau said:
Quote from a document received from the auditors when I asked for the Financials of a complex in which I want to buy:

View attachment 1312144

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.
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I won't buy there, unless you can become a trustee

How many units?
 
Thor said:
I won't buy there, unless you can become a trustee

How many units?
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Thanks Thor, 27 units. Nice complex built 20 years ago in a decent area.

I've asked the agent to get last year's financials.

The trustee names are on the AGM minutes so I researched them, there's a lawyer, a property manager, a lady who sells chili powder, and a couple of others :D, 7 trustees in all.
 
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 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.
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It's not unrealistic at all if it is your first property.

I got 100% loan for 1.4m last year.

Like you, I only used my savings for the respective attorney costs.
 
derp90 said:
Are attorneys discounting fees just something you should always ask for? Just email and say 'please can I have a discount'?
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Yes just ask. I received the following discounts:.

On the transferring cost I received about a 15% discount= ~R6k discount.

On the bond registration I received about a 50% discount= ~R15k discount.
 
Forza said:
Yes just ask. I received the following discounts:.

On the transferring cost I received about a 15% discount= ~R6k discount.

On the bond registration I received about a 50% discount= ~R15k discount.
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Do you ask when they send you the bill, or beforehand?
 
Looks like it's down to Absa/Nedbank for the bond. Who's better? Absa offering 50% off bond registration fees though
 
derp90 said:
Looks like it's down to Absa/Nedbank for the bond. Who's better? Absa offering 50% off bond registration fees though
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So I switched from Absa to Nedbank as Nedbank offered a better rate and they gave me 50% off bond registration fees and 1% cash back on the loan amount.

That being said, I miss Absa in a few areas, Nedbank's apps and online experience feels a bit dinky at times. Plus they put fkn adds in their online app, something I can't* forgive! ./spits
 
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