Well I guess I have to go with ABSA for the 50% off bond registration fees. I guess they're all pretty similar. I'll still be using Capitec to receive international transfers though (salary), because they charge the least out of all of them. Then I can just transfer the amount across for the bond debit/top up flexi, etc.
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Question of the Day: Have you ever ordered a product online and received a fake knock-off?
Offer to purchase question
- Thread starter APoc184
- Start date
prod
Executive Member
Yea I use my Discovery card for purchases 99% of the time, Nedbank is only for salary and homeloan. If I could switch everything over to Disc. I would
I plan to use a WW credit card for purchases, seems like I can get some nice vouchers back.
Discovery seems like too much effort to take advantage of their rewards.
Yeah I pretty much only use ww for rewards.
WFH barely travel so most points not worth my effort.
RedViking
Nord of the South
I am banking with Absa, even with their "offline" moments, I do not feel like changing banks until I can go with something like Investec one day. Hope they can give a good rate.
zerocool2009
Honorary Master
I fully agree! Well, with R10 000 000 in the reserve fund an astroid must hit the estate
PsyWulf
Honorary Master
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Don't assume they'd want to deplete reserves instead of charging everyone equitably. This is South Africa
*Forgot they are also mandated to maintain a larger reserve than previous years (this was changed like 4years ago I think)
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Shew, Zerocool that was a good discount.
I asked a "friend" agent and she advised that in this price range R1.3 would be a bit low so I went for R1.4 because the place is really nice but I didn't want to wade straight in at full price.
Promised a big deposit if she accepts my offer.
Holding thumbs.
zerocool2009
Honorary Master
Don't assume they'd want to deplete reserves instead of charging everyone equitably. This is South Africa
*Forgot they are also mandated to maintain a larger reserve than previous years (this was changed like 4years ago I think)
Correct. Every estate should have a 10 year maintenance plan. Its not a super huge estate, compared to others in the area.
So far since 2007 zero special levies ever raised.
The paint project was now done (36 months project at R6 800 000).
I hope we are in the right hands! Time will tell
zerocool2009
Honorary Master
As interest rates goes up. More and more bargains will pop up!
Yeah, heard about that. Thank goodness I sold last month.
Sounds like a huge estate with these figures!!!
zerocool2009
Honorary Master
Its huge. Just under 500 apartments
In the area bigger estates with 1500 apartments! Lol
Wonder how that is managed
zerocool2009
Honorary Master
If you are a first time buyer and dont earn a huge salary then you can apply for a 105% or 110% bond.
It means that some costs as transport and bond leg and initiation fees can be added onto the purchase price.
My honest view, and what worked for me personally. Apply, make sure you cover all costs in cash, and put 10% down as a deposit.
That way you are showing the bank you want to come to the party (as in giving capital as well).
I know a work colleague who house got registered 3 days ago with a 105% bond. My advise to him, start from day 1 to put more capital that ain’t utilized into his bond that he can chow daily calculated interest.
Another way to play with interest rates are to apply for a 30 year bond. I wouldn’t go that route personally.
zerocool2009
Honorary Master
Not really. If you done business with them before yes.
The best way is to apply direct at a bank without a mortgage originator.
The commission the banks gives the MO would be worked in into your interest rate. The bank never loses, remember that.
An example, if you apply via FNB direct you get 50% of your first debit order back in ebucks and the bond costs I think am free (if I recall), or 50% off. Its really worthwhile to apply direct. Its some admin, but worth the time
I meant the conveyancing ones that deal with the transfer.
I'm super happy with our MO, they have worked wonders in getting a really good below prime rate and 50% off bond registration!
zerocool2009
Honorary Master
Great news. The best is ask.
Its getting expensive.... especially going past R1 000 000 price tag
Azbubu
Honorary Master
Can one of the smart people do the calculations of what works out better between option (a) and (b).
Assume a R1.8m bond at prime minus 2%.
a) deposit R500 000 into access bond facility.
b) deposit R500 000 into savings account eg African bank at 11% over 5 years.
Assume a R1.8m bond at prime minus 2%.
a) deposit R500 000 into access bond facility.
b) deposit R500 000 into savings account eg African bank at 11% over 5 years.
PsyWulf
Honorary Master
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Couple thousand lobbed onto your home loan once a year,so adds some interest obviously