Offer to purchase question

[rietrot]

I am not talking about cancelling the bond.

I am talking "prepaying your bond". Day 1 you owe R1 500 000. Day 90, you owe R0 and keep the bond active

Read the fine print ALWAYS

Dude. You don't know what you are talking about.

The only penalty on bond is early termination. (3 months notice)

There's no penalties at any of our banks for keeping a bond paid up but not canceled.

Canceling also involves attorneys and attorney's fees.

 

[zerocool2009]

No penalties for that

LOL ! Think again mr !

So why would the bank grand a bond, why then rather dont pay cash then ...

A certain bank had such a case, the client lost his case !

 

[zerocool2009]

Dude. You don't know what you are talking about.

The only penalty on bond is early termination. (3 months notice)

There's no penalties at any of our banks for keeping a bond paid up but not canceled.

Canceling also involves attorneys and attorney's fees.

A NEW BOND !!! DUDE !

Read the statement nicely. I know the banking rules inside out.

Do yourself a favor and go read your contract (the bank can GIVE PENALTIES), I know that by heart from one certain big bank (the tree one)

 

[rietrot]

Read about DUDE what I am saying, a bond that is NEW !

Ja. Your story about someone somewhere from WhatsApp news is fake.

 

[zerocool2009]

Ja. Your story about someone somewhere from WhatsApp news is fake.

LOL

Let me say the statement/question again. If you get a bond, and you pay it off very quickly, the bank CAN charge you penalties fees !

 

[ItherNiT]

Bank can charge you early payment/cancellation fees. If you don't give notice before specified time.

Also apparently FNB max time for HL is 20years

 

[zerocool2009]

Another quick example

Bank can charge you early payment/cancellation fees. If you don't give notice before specified time.

Also apparently FNB max time for HL is 20years

View attachment 997322

FNB's HL comment on the above -> "30 years are doable, subject to approval"

Factors:

1) the age of the applicant
2) the bond must be settled by 75 (age)
3) structured lending or not ? (as in higher up package)

 

[Speedster]

LOL ! Think again mr !

So why would the bank grand a bond, why then rather dont pay cash then ...

A certain bank had such a case, the client lost his case !

Case reference?

 

[zerocool2009]

Case reference?

LOL, must I now give out personal information ?

You move your bond lately, go check your rules with your new bond provider.

 

[rietrot]

LOL, must I now give out personal information ?

You move your bond lately, go check your rules with your new bond provider.

Moving a bond is a separate issue.
Regular cancellation fees would apply.

There no penalty for paying up a bond early.

 

[Speedster]

LOL, must I now give out personal information ?

You move your bond lately, go check your rules with your new bond provider.

If there was a case then it will be public record.

 

[ItherNiT]

https://www.absa.co.za/personal/loans/for-a-home/cancelling-your-bond/

• You will need to give us at least 90 days’ notice of your intention to cancel your bond to avoid any early termination fees.

 

[RonSwanson]

Dude. You don't know what you are talking about.

The only penalty on bond is early termination. (3 months notice)

There's no penalties at any of our banks for keeping a bond paid up but not canceled.

Canceling also involves attorneys and attorney's fees.

It depends on the type of bond / loan, need to read the fine print always.

 

[zerocool2009]

Guys, its nothing related to cancelling or moving.

Again, a simple scenario: you get a bond, approved, registered, and you pay it up very quickly, even with notice (within 2 months) the bank is making no money

Buy they pay fees to have granted it to you (as they are lending it)

If you dont believe me, get/request your contract and read the fine print.

 

[zerocool2009]

Moving a bond is a separate issue.
Regular cancellation fees would apply.

There no penalty for paying up a bond early.

No NO N-O

I am saying, if have a bond, and pay it up within 2 months ! Not years

Ag tog, as daai ding nie insink weet ek regtig nie. Ek het my kontrak aangevra !

 

[rietrot]

It depends on the type of bond / loan, need to read the fine print always.

All home loans are the same. None of them charge a penalty for paying up early but not cancelling.

Only canceling carries the 90 days(3 month) penalty.

This is regulated by the NCA.

To get out of the NCA to funny agreements that might differ you'll need to go to large commercial or agri loans.

 

[newby_investor]

Guys, its nothing related to cancelling or moving.

Again, a simple scenario: you get a bond, approved, registered, and you pay it up very quickly, even with notice (within 2 months) the bank is making no money

Buy they pay fees to have granted it to you (as they are lending it)

If you dont believe me, get/request your contract and read the fine print.

You'd need to be pretty stupid to do this though, because you pay a lot of money up-front to register the bond.

 

[ItherNiT]

A flexy/access bond has great perks. Normally the lowest interest rates, you can buy a car cash with the bond amount and then pay it off with a lower fee, etc.

(not applicable on the 2month scenario, but still)

 

[Napalm2880]

Anyone got an idea on transfer times in JHB at the moment? I sign the paperwork at the transfer attorneys tomorrow and I'd like to get an idea on when we'll move in.

 

[zerocool2009]

Anyone got an idea on transfer times in JHB at the moment? I sign the paperwork at the transfer attorneys tomorrow and I'd like to get an idea on when we'll move in.

If its empty, ask the owner to move in sooner and pay occupational rent (stated in the OTP)