Offer to purchase question

APoc184 said:
Well in our case it was mostly because of the sheer convenience.

They apply to all 4 banks at the same time and send you each quote as received. Then you ask them to renegotiate and play the banks off against each other.

No clue about the negotiating privately. Probably true though. But they already have much better relationships with the banks so I let them do the negotiating for me. And they do try a bit harder when you ask for better deals. Because in the end they get their kick back from the back. Doesn't cost you a cent.
Click to expand...
That kick back is already worked into the quote from the bank. Like casinos the house always wins.
 
rodga said:
That kick back is already worked into the quote from the bank. Like casinos the house always wins.
Click to expand...

No doubt. And I don't expect them to do all that work for us without somehow making money. We got a pretty good deal after only pushing back slightly so no complaints. I'm sure it will also depend on your originator. The smaller guys still tend to fight harder.

We didn't use one in the top of the Google results. Mind you, I just checked and ours just barely made Page 1 of the search results.

Nothing wrong in applying yourself. As stated it was mostly about the convenience for us and as this thread so clearly illustrates we clearly know nothing about this whole process. So I rather pay some sort of fee for somebody who will do it quicker and more efficient than I can.
 
LlamaParty said:
Our bond originator was amazing. She helped a lot with putting together the application in a way that she knew the banks would approve. She also bargained with the banks on our behalf. We got prime -1.5%, so I'm not complaining!
Click to expand...

If you are banking with FNB, you can kick yourself going the MO route
 
Yeah I know, you lose that sweet eBucks bonus if you don't apply through the app. But no, FNB came back with a much shittier rate than the other bank.
 
LlamaParty said:
Yeah I know, you lose that sweet eBucks bonus if you don't apply through the app. But no, FNB came back with a much shittier rate than the other bank.
Click to expand...

If fnb didnt came to the party, they will beat any written quote.

Why didjt you went back to fnb? (Saying bank X offered this or that)
 
zerocool2009 said:
If fnb didnt came to the party, they will beat any written quote.

Why didjt you went back to fnb? (Saying bank X offered this or that)
Click to expand...
We did, but they didn't want to come to the party apparently. Maybe if it was a smaller difference they would have.
 
rodga said:
This is true, I got a way better rate applying by myself at one bank compared to the bond originator. They also refused to ask their banks to match/beat my quote.
Click to expand...

So it's not illegal in a sense to approach your own bank and do an new application while the bond originator is also applying on your behalf?

In other words, can you got to bank x and apply for a bond and they can come back with an amount less than the originators, can you pick which one you will go with or are you obligated to go with the originator?
 
Midnights_Ghost said:
So it's not illegal in a sense to approach your own bank and do an new application while the bond originator is also applying on your behalf?

In other words, can you got to bank x and apply for a bond and they can come back with an amount less than the originators, can you pick which one you will go with or are you obligated to go with the originator?
Click to expand...
As I understand you can not have two applications or quotes from the same bank at the same time.

But nothing is stopping you from letting the quote for the originator expire and then apply yourself. Or vica versa.
 
APoc184 said:
As I understand you can not have two applications or quotes from the same bank at the same time.

But nothing is stopping you from letting the quote for the originator expire and then apply yourself. Or vica versa.
Click to expand...

How long does it take to expire though?
 
Midnights_Ghost said:
So it's not illegal in a sense to approach your own bank and do an new application while the bond originator is also applying on your behalf?

In other words, can you got to bank x and apply for a bond and they can come back with an amount less than the originators, can you pick which one you will go with or are you obligated to go with the originator?
Click to expand...

In my view, not obligated. Once you sign and accept, its another story.

Back in the day SA homeloans stole clients with cheaper rates. But then SA HL started changing rates not in sync with the reserve bank (in their t&c’s.... they can).

Just be careful
 
Midnights_Ghost said:
So it's not illegal in a sense to approach your own bank and do an new application while the bond originator is also applying on your behalf?

In other words, can you got to bank x and apply for a bond and they can come back with an amount less than the originators, can you pick which one you will go with or are you obligated to go with the originator?
Click to expand...
Maybe I wasn't clear in my post.
The originator applied at banks 1-4, I applied at Bank 5.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X