Should i get a home loan on prime plus?

[Snyper564]

Investec

Although I have an account at investec this is fnbs credit card

 

[neoprema]

I've just finished a loan approval now. Its been a nightmare - i thought the banks would be trying to get business coming fresh out of 2020's nightmare but man...
Here are my findings:

1. The process has become unbearably slow. I mean borderline useless. It took Nedbank 2 weeks to assign someone to look at my loan - and it was only cause i phoned them. Standard Bank after 1 week said they'de follow-up and then told me the agent dealing with my application is on LEAVE. I should wait another 7 days or so. ABSA just went awol for 3 weeks until I complained and then said i didn't send a document they needed (that they didn't ask for )

2. I finally went through a homeloans originator (OOBA). They told me to withdraw applications from the banks and they would do it. My first reply came through in 4 days, i'm waiting for others now to compare.

3. For the record, while applying on my own Nedbank did come back with an approval finally - they wanted 45% deposit . One bank so far has approved at 10%, and i'm waiting for the rest.

I also discovered that below 10% deposit (i.e 5), it becomes much harder to negotiate better interest rates.

 

[neoprema]

Yes

That's high even for a car loan. If you are not getting sub prime for a home loan then don't do it.

Its generally dependent on risk, they might think you're high risk.

For a car its one thing, I would accept higher but for a homeloan i would fight a bit more?

A car will lose value from day one, a house will gain value over time so the bank should not be too risk averse - they would never let you overpay anyway, so if they are prepared to buy the asset and fund it for you they are clearly don't think you're over-committing. So either something on your credit profile is making you high risk or they're taking chances...

 

[Hamster]

Although I have an account at investec this is fnbs credit card

Wherever. Sub prime credit cards are out there. But those that get them don't need them

 

[Bintang]

Also applied via Ooba...Investec came back in 2 days, and then surprise surprise Standard one week later. My bank ABSA with whom I am more than 20 years with has gone awol and operates like a government department because all they can do is ESCALATE. Heaven know wtf they escalating. Anyway , the efficient services plus attractive prime minus rate from Investec really caught my attention FNB and Nedbank seems not interested either. Tuesday morning I will sign up with Investec and will rather pay for efficient services then tolerating the mediocre services from ABSA.

 

[Not_original]

One bank so far has approved at 10%

Tell them to GFTS

 

[Not_original]

Wherever. Sub prime credit cards are out there. But those that get them don't need them

I still believe we should reverse the world. Start your career with a huge salary and plenty of yearly leave and scale it down as you go. Dafuk am I going to do with 25mil when I retire, then I'm old and broken. Give me that now and I can live an amsome life and sommer stay with the company forever

Yeah yeah, I can only dream

 

[prod]

I've just finished a loan approval now. Its been a nightmare - i thought the banks would be trying to get business coming fresh out of 2020's nightmare but man...
Here are my findings:

1. The process has become unbearably slow. I mean borderline useless. It took Nedbank 2 weeks to assign someone to look at my loan - and it was only cause i phoned them. Standard Bank after 1 week said they'de follow-up and then told me the agent dealing with my application is on LEAVE. I should wait another 7 days or so. ABSA just went awol for 3 weeks until I complained and then said i didn't send a document they needed (that they didn't ask for )

2. I finally went through a homeloans originator (OOBA). They told me to withdraw applications from the banks and they would do it. My first reply came through in 4 days, i'm waiting for others now to compare.

3. For the record, while applying on my own Nedbank did come back with an approval finally - they wanted 45% deposit . One bank so far has approved at 10%, and i'm waiting for the rest.

I also discovered that below 10% deposit (i.e 5), it becomes much harder to negotiate better interest rates.

Interesting, everyone's experience applying for bond seems vastly different.

In my case - applied to ABSA, Nedbank, SAHL and Standard Bank. Nedbank came back within 3 days with an offer, rest followed shortly after. Nedbank was also the best out of the bunch (provided I switch) and Standard Bank the weakest. I think a big win on my side was that the price we are buying at is quite a bit lower than what I could probably get on my salary. So in their eyes it's low risk

 

[Hamster]

I still believe we should reverse the world. Start your career with a huge salary and plenty of yearly leave and scale it down as you go.

What will there be to look forward to or work for then?

Dafuk am I going to do with 25mil when I retire

If you run out of ideas you can always fund the construction of a self propelled low orbit space suit.

 

[deweyzeph]

Does anyone know how I can get FNB to lower my credit card interest rate? It's been 2 years with the same rate and it's quite high

Easy, pay your credit card off in full every month and they lower the interest rate to 0%.

 

[mugikhan]

Easy, pay your credit card off in full every month and they lower the interest rate to 0%.

I've done that for 2 years straight. Not a single month missed but no change.

 

[deweyzeph]

I've done that for 2 years straight. Not a single month missed but no change.

I was kind of being sarcastic. If you pay your CC off in full every month then what does it matter what the interest rate is? You won't pay any interest anyway.

 

[mugikhan]

I was kind of being sarcastic. If you pay your CC off in full every month then what does it matter what the interest rate is? You won't pay any interest anyway.

For future. If I ever needed to utilise the credit. I try to avoid it but life.

 

[Not_original]

This credit card dicussion reminds me of someone I heard long ago. Person started with us and I overheard them bemoaning how high their Edgars account is. Thought nothing of it.

A few months later, I small talked to them in the smokehut and they told me how relieved they are to finally have paid it off. Naturally curious I asked how they pulled it off, as our job roles where the same (and the salary range likely too although I never asked) and knew even if they sunk all their money in, they'd still be in it. "Oh I put it on my new credit card".....

"Oh that's uhmmm, .... nice"

 

[Not_original]

What will there be to look forward to or work for then?

Nothing, same as now, just much nicer

 

[Speedster]

Wherever. Sub prime credit cards are out there. But those that get them don't need them

While sub prime can be interpreted in the way you have used it, in finance it normally refers to a client being higher risk than a "prime" client and as such a higher interest rate than prime (think US sub-prime fiasco).

 

[Hamster]

While sub prime can be interpreted in the way you have used it, in finance it normally refers to a client being higher risk than a "prime" client and as such a higher interest rate than prime (think US sub-prime fiasco).

Good point