Offer to purchase question

Moepa said:
If I may ask something, about home loans.
if FNB bank says they wont match the rate of another bank but their rate is competitive due to

“50% discount on your bond registration cost (excluding disbursements)”

Is this true or are they just giving me a sales pitch?
this discount is it available on any bank or just FNB?
anyone know what kind of savings this entails?
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Sales pitch. Worst case, the 1.25% better rate will have saved you the same amount of money after about 3-4 years (more likely to be after about 2 years). Then you have the remaining 16-17 years where the better rate will be saving you way more than the discounted registration fees.
 
Guys i need some info, sorry for all these long winded and dumb questions. I am in the process of selling my house and cleaning and painting abit.

I need a homeowners for dummies as i haven't bought or sold in the last 10 years or so.
Here it goes

Is it better to sell before buying to get better interest rate and to qualify?
Which agents to use, i see Eazy only charges like 50k fixed amount. what are the rates nowadays from other agents and can i sell myself, any link to process?
I see talk about OTP coming up alot, anyone have a OTP i can use that makes it easier for me?
Is it a must to pay transfer and conveyor fees upfront or can it be added to your new bond if possible?
Recommended building contractor in CPT to check out places before signing OTP?
Any tips that you guys have learned from buying from start to finish.
 
KOPITE said:
Is there any banks that offer a fixed interest perhaps?
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There are but YOU NEVER EVER WIN. The HOUSE always WINS.

Its typically 2-3% higher than current rate and only for a short period.

Honestly wouldnt buy now unless you had to or had some serious cash to put down interest rates are going to be against you
 
Snyper564 said:
There are but YOU NEVER EVER WIN. The HOUSE always WINS.

Its typically 2-3% higher than current rate and only for a short period.

Honestly wouldnt buy now unless you had to or had some serious cash to put down interest rates are going to be against you
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I don't understand why you say this? It is not like those who bought a year or two ago during the low interests are any better off now. In fact many are wetting their pants. You might even get properties for less than the inflated prices during the low interest period.

So now does buying now make a difference to buying a year or two ago?
 
Will the loan account automatically appear in the Nedbank app/online profile or must we call them/visit the branch to get it added? I was expecting it to the added to my profile automatically.
 
KOPITE said:
Guys i need some info, sorry for all these long winded and dumb questions. I am in the process of selling my house and cleaning and painting abit.

I need a homeowners for dummies as i haven't bought or sold in the last 10 years or so.
Here it goes

Is it better to sell before buying to get better interest rate and to qualify?
Which agents to use, i see Eazy only charges like 50k fixed amount. what are the rates nowadays from other agents and can i sell myself, any link to process?
I see talk about OTP coming up alot, anyone have a OTP i can use that makes it easier for me?
Is it a must to pay transfer and conveyor fees upfront or can it be added to your new bond if possible?
Recommended building contractor in CPT to check out places before signing OTP?
Any tips that you guys have learned from buying from start to finish.
Click to expand...
Use a bond originator. They can get you better deals where homeloans are concerned. They are kind of like your agent-shopper.

If there is any issues with your current house, dont try cover them up. If you did, and the new owner discovers that they can ask you to fix it up at a later stage. Not good.
 
RedViking said:
I don't understand why you say this? It is not like those who bought a year or two ago during the low interests are any better off now. In fact many are wetting their pants. You might even get properties for less than the inflated prices during the low interest period.

So now does buying now make a difference to buying a year or two ago?
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You are correct.

I'm just speaking from my experience when I remember the interest hitting 20% plus for my parents many years ago.

I'm saying you have to be prepared for anything.

Many ppl who bought a year or two back as you said are likely having issues if they didn't plan for increases.

But my words abt the fixed interest remains
 
RedViking said:
I don't understand why you say this? It is not like those who bought a year or two ago during the low interests are any better off now. In fact many are wetting their pants. You might even get properties for less than the inflated prices during the low interest period.

So now does buying now make a difference to buying a year or two ago?
Click to expand...

Start to learn the markets. If interest rates go down, certain things happen, if it goes up, other things happen.

I am totally all for rates going up (and as I said 2000 times, its projected to go up till Dec 2023). So the odd 0.75% here and the next month another 0.75% .... it will go up by at least 3 to 4% before next year XMAS.

So if you dont have your fav pair of undies reserved for special occasions. Start wearing them as things will go up.

I can put money on it, end NOV 2022 (AGAIN UP).

If you worry about interest rates, start to learn to simulate a lower interest rate.
 
Snyper564 said:
You are correct.

I'm just speaking from my experience when I remember the interest hitting 20% plus for my parents many years ago.

I'm saying you have to be prepared for anything.

Many ppl who bought a year or two back as you said are likely having issues if they didn't plan for increases.

But my words abt the fixed interest remains
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Absolutely need to be prepared. Well, the best one can. There are some things one can't prepare for, but the sad reality is it is coming.
 
zerocool2009 said:
Start to learn the markets. If interest rates go down, certain things happen, if it goes up, other things happen.

I am totally all for rates going up (and as I said 2000 times, its projected to go up till Dec 2023). So the odd 0.75% here and the next month another 0.75% .... it will go up by at least 3 to 4% before next year XMAS.

So if you dont have your fav pair of undies reserved for special occasions. Start wearing them as things will go up.

I can put money on it, end NOV 2022 (AGAIN UP).

If you worry about interest rates, start to learn to simulate a lower interest rate.
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Have you seen Dolby 's thread (of sorts) on property prices. Do you think it is gonna fall drastically in the next couple of years?
 
RedViking said:
Have you seen Dolby 's thread (of sorts) on property prices. Do you think it is gonna fall drastically in the next couple of years?
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Yes I have, and one thing I read on it, alot of links and BANK data. I am buying cash!

Show me any investment (lets say if you taken out a bond), where you make 100% back from month 1 .... (think about that statement, thats your food for the day)
 
Snyper564 said:
Spot on, that's another reason I say don't touch fixing the rate as you will never win
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Friends fixed their rates but the interest they are paying made Zero sense to me. They could have had a much lower interest in 2020 and pay in the extra the last couple of years. Don't know who gave them that advice.

Maybe they had bad debt or low security, but during the 7% interest rate period, their fixed rate is 10%+
 
RedViking said:
Friends fixed their rates but the interest they are paying made Zero sense to me. They could have had a much lower interest in 2020 and pay in the extra the last couple of years. Don't know who gave them that advice.

Maybe they had bad debt or low security, but during the 7% interest rate period, their fixed rate is 10%+
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That is how it works. BANKS dont lose. On the other hand, if you are wise and beat the system, the bank wont like that.

Banks project what the rates would be and accordingly fix the rate. So if you have now 7%, and ask to fix it, they will offer 10% over 2 or 3 years, accept it and pay it. We are currently in an "upward" cycle related to interest rates. And its not only SA, but world wide.

If you know you are in trouble soon, to minimize damage, anyone would fix (just because "what if").
 
zerocool2009 said:
Yes I have, and one thing I read on it, alot of links and BANK data. I am buying cash!

Show me any investment (lets say if you taken out a bond), where you make 100% back from month 1 .... (think about that statement, thats your food for the day)
Click to expand...
Well I can't afford a house cash. Why I'm still thinking of buying a small piece of land in the Midlands and build a house starting small (very) and expand as there is more finances. Currently we found an AMAZING place to rent. But in a year or two after increases it wont be so amazing anymore, lol. Although I doubt Ill get the same value any time soon if I buy or build.
 
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