Possible with home loan?

Dolby

Dolby

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Without boring you with details, I'll be getting money in 2015.

Is it possible to purchase a house/get a bond currently and use that money as security? A futures contract perhaps - agree to buy now and pay later?
 
This day is so slow and boring (if you're at work), do you really want to be more bored? ;)
 
I doubt if any bank will allow that, unless they can be 100% sure of the money and even then you will need to be a circus acrobat to jump through all the loops they put out for you. Good luck though!
 
Dolby said:
Without boring you with details, I'll be getting money in 2015.

Is it possible to purchase a house/get a bond currently and use that money as security? A futures contract perhaps - agree to buy now and pay later?
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Isnt the house itself considered to be security when it comes to a bond?
 
Dolby said:
Without boring you with details, I'll be getting money in 2015.

Is it possible to purchase a house/get a bond currently and use that money as security? A futures contract perhaps - agree to buy now and pay later?
Click to expand...
The house itself is usually the collateral. Are you wanting to not make any payments until 2015?
 
bwana said:
Isnt the house itself considered to be security when it comes to a bond?
Click to expand...

Sorry - I was a little vague. I'll use an example :

On my monthly salary, I can buy a place for R500,000.00 without issues. However I want a R1 million rand property - which I cannot afford.

In 5 years, I'm getting R2 million. Would banks be at all open to negotiations where I could somehow get the R1 million property now by taking a bond for the R500,000.00 with a contract (or something) for the additional R500,000.00 in a few years?
 
Dolby said:
Sorry - I was a little vague. I'll use an example :

On my monthly salary, I can buy a place for R500,000.00 without issues. However I want a R1 million rand property - which I cannot afford.

In 5 years, I'm getting R2 million. Would banks be at all open to negotiations where I could somehow get the R1 million property now by taking a bond for the R500,000.00 with a contract (or something) for the additional R500,000.00 in a few years?
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So you want to pay your, for lack of a better word, deposit in 2015?

I dont think the banks are going to too receptive about the idea. I think you'll need to get financing on the whole 1million somehow.

Then again it doesnt hurt to try.
 
bwana said:
So you want to pay your, for lack of a better word, deposit in 2015?
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Exactly what I want - like a a balloon payment :/

I'll see what they're prepared to do in a few months then ; just thought maybe someone has done it already.
 
Dolby said:
Without boring you with details, I'll be getting money in 2015.

Is it possible to purchase a house/get a bond currently and use that money as security? A futures contract perhaps - agree to buy now and pay later?
Click to expand...
Will work, but only if you can convince the bank that its solid. And by solid I mean bullet proof. e.g. contract with major corporation promising to pay you cash in 2011. Also, be prepared to pay for the extra risk they are taking.

On the whole I'd say too much schlepp & will work out to be very expensive.
 
the money you are getting is most probably a inheritance?

If the place where you are getting the money from in 2015 can prove beyond doubt that the money is yours then i guess the bank can make a plan but like everyone says they are gonna charge you for that extra risk.
 
Peder said:
the money you are getting is most probably a inheritance?.
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I dont think he bets on some one kicking the bucket in 2015. Probably just a policy or some kind of contract maturing. Its besides the point though.

I too do not think the banks will take the idea at first, but with some persistence they may be willing to strike up some sort of a deal.
 
I've tried the exact same thing already. Basically no it won't work.
The only thing you could try is moving your investment to something like an annuity that provides monthly income and then on that income you can qualify for more of a bond. But it sounds like it's pretty much stuck where it is so that doesn't help much.
 
Just_Ice said:
I dont think he bets on some one kicking the bucket in 2015. Probably just a policy or some kind of contract maturing. Its besides the point though.

I too do not think the banks will take the idea at first, but with some persistence they may be willing to strike up some sort of a deal.
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some inheritances pay out when you are of age say 25 or whatever the person thinks was needed.
 
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