Offer to purchase question

I've got a question to those that have bought.

Was your pre-approval amount the ceiling or did some manage to get a bond for more than the pre-approval.

Only asking as we have completed the pre-approval and some places we looking at are slightly more. Don't really want to walk into a viewing knowing there is 0 chance of getting it.
 
acidrain said:
I've got a question to those that have bought.

Was your pre-approval amount the ceiling or did some manage to get a bond for more than the pre-approval.

Only asking as we have completed the pre-approval and some places we looking at are slightly more. Don't really want to walk into a viewing knowing there is 0 chance of getting it.
Click to expand...

Preapproval works on what you have now, and the current rate ! Work at least a 3% raise of interest rate in (making sure you can still afford it)
 
zerocool2009 said:
Preapproval works on what you have now, and the current rate ! Work at least a 3% raise of interest rate in (making sure you can still afford it)
Click to expand...
Try 10%. The okes who only worked in 3% when everyone told them to buy instead of renting is crying now and the year(s) to come.

Hopefully result in some cheaper properties soon as well.
 
RedViking said:
Try 10%. The okes who only worked in 3% when everyone told them to buy instead of renting is crying now and the year(s) to come.

Hopefully result in some cheaper properties soon as well.
Click to expand...

A pre-approved loan only means a guideline with what you "can" quality for. A full application still needs to be done. Alot of things can happen (but the bank isnt builiding "beef" into the application if the rate goes up, do it yourself) !

We have an upwards cycle now (I can predict a 0.75% raise end Sept 2022)
 
zerocool2009 said:
A pre-approved loan only means a guideline with what you "can" quality for. A full application still needs to be done. Alot of things can happen (but the bank isnt builiding "beef" into the application if the rate goes up, do it yourself) !

We have an upwards cycle now (I can predict a 0.75% raise end Sept 2022)
Click to expand...
Of course. When I did my pre-aproval I did it for my own sake to make sure I CAN afford it. Even then the amount they said I can afford was much heigher than I planned.

So to buy something even more expensive I don't think is wise as it is calculated on the information you have provided.

When, and if, I get a loan, and they use actual bank statements it will mostly probably be much much higher than what I was preapproved for, but not willing to go so high due to using some wisdom and planning.

I just wonder if they will be willing to give me a 100 to 105% loan.... But yeah, all depends on various factors at the time I find the property I want.
 
RedViking said:
Of course. When I did my pre-aproval I did it for my own sake to make sure I CAN afford it. Even then the amount they said I can afford was much heigher than I planned.

So to buy something even more expensive I don't think is wise as it is calculated on the information you have provided.

When, and if, I get a loan, and they use actual bank statements it will mostly probably be much much higher than what I was preapproved for, but not willing to go so high due to using some wisdom and planning.

I just wonder if they will be willing to give me a 100 to 105% loan.... But yeah, all depends on various factors at the time I found the property I want.
Click to expand...

Rule 101 in getting a bond (dont overload your bond going past 105%). Someone at my work got a 105% loan at 13%. Banks aint stupid. Try to pay all costs in CASH !
 
zerocool2009 said:
Rule 101 in getting a bond (dont overload your bond going past 105%). Someone at my work got a 105% loan at 13%. Banks aint stupid. Try to pay all costs in CASH !
Click to expand...
Yeah, I'm not gonna be an idiot. If it is not feasible then it won't make sense. But, I'll cross that bridge when I get there.

Taking the first step next month. Finally moving to the Midlands. Whoop!
 
Neuk_ said:
Electric fence COC is done, busy with gas and electrical and off to sign paperwork for the sale of our house this Thursday with just under two months until planned transfer of both properties.
Click to expand...

Electrical COC done, nothing major needed, a bit of signage and tracing missing earthing on one plug which was loose wiring.
 
RedViking said:
Yeah, I'm not gonna be an idiot. If it is not feasible then it won't make sense. But, I'll cross that bridge when I get there.

Taking the first step next month. Finally moving to the Midlands. Whoop!
Click to expand...
Just be ready for some unforeseen expenses. One thing that totally slipped our mind was curtains. the lounge alone needed 14 drops >_<

Have fun otherwise remember do upgrades slowly most nb first its a marathon not sprint
 
Snyper564 said:
ust be ready for some unforeseen expenses.
Click to expand...
Already happening. I live in Zululand. In the middle of the winter we wear short pants and a jacket if it is really cold. Like today. Think it is below 20 outside. I sleep under a flat sheets and a fan.


I see currently it is 0 degrees in the midlands.

So will need winter bedding, winter clothes, 2xgas heater and truck load of wood supply. We haven't really bought anything for the last 7 years and stayed a small places. Will need dining table, couches. Eventually more curtains but will use the charity giveaways for now. Carpet for some areas. Warm blanky for the old doggie.

Oh, and currently I use 300-350 units of electricity paying R500-600. There it will be at least double or tripple. Plus extra levies..

So ya, going to get piss cold for the first while until we slowly adapt and have everything we need.
 
RedViking said:
Already happening. I live in Zululand. In the middle of the winter we wear short pants and a jacket if it is really cold. Like today. Think it is below 20 outside. I sleep under a flat sheets and a fan.


I see currently it is 0 degrees in the midlands.

So will need winter bedding, winter clothes, 2xgas heater and truck load of wood supply. We haven't really bought anything for the last 7 years and stayed a small places. Will need dining table, couches. Eventually more curtains but will use the charity giveaways for now. Carpet for some areas. Warm blanky for the old doggie.

Oh, and currently I use 300-350 units of electricity paying R500-600. There it will be at least double or tripple. Plus extra levies..

So ya, going to get piss cold for the first while until we slowly adapt and have everything we need.
Click to expand...
There are many antique shops that side of the world have a look there first for things like dining room tables etc you can get some beautiful wooden pieces for a fraction of the price and will likely last another lifetime
 
Snyper564 said:
There are many antique shops that side of the world have a look there first for things like dining room tables etc you can get some beautiful wooden pieces for a fraction of the price and will likely last another lifetime
Click to expand...
Oh yes of course. I am finally going to have two garages and can start doing carpentry and refurbish again.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X