Using a bond originator vs directly with bank

N

nieldv

Member
Joined
Dec 1, 2016
Messages
13
Reaction score
4
Hi,
I'm trying to figure out whether I should use one of the bond originators vs directly with my bank when applying for my next home loan. I'm an ABSA private bank customer, and when I asked my banker to intervene with my previous home loan wrt my interest rate, she said she couldn't touch the loan since I went through an originator.
I got good service from OOBA with each of my last two loans, but both ended up going through ABSA. On both occations after the approval came back, I got a better rate after asking them to chase up with the bank.
So I'm wondering whether it might be beneficial for me to talk to the bank directly through the banker?

Another reason is, for example, that there's a long-term tenant in the house that I'm buying that's basically going to stay there forever, but I know the bank won't take that into account when calculating affordability as I don't own the house yet. So that's one of those things that I would want to have a conversation with, rather than just send in docs and hope for the best.

Thoughts?
 
Hi,

I am busy going through this as we speak.

I am personally with Nedbank and applied to them directly. I also applied to SAHL and asked a bond originator to apply to the other banks. So far Nedbank has given me the best quote.
 
If you are a private bank customer you pay extra to have someone deal with this for you. So make use of that service.
Bond originators sometimes do get better deals because they bulk negotiate better when the banks have many internal red tape and BS.
So get quotes everywhere for the best price.
The bank does take possible rental income into consideration for affordability.
 
We applied directly with the big 4 banks, and were able to negotiate with them because we had the quotes to do so. The bond originator we were referred to couldn't spell my name right, so I didn't want her filling in forms on my behalf.
Nedbank and FNB came back at the same time (within a day of applying) - applied online.
Standarad bank - applied via a private banker - much less forms to fill in
Absa - worst process, their online application sucks, and an even worse offer after about a week of them doing whatever they do. They are too slow and not at all competitive.
 
got better results doing it on my own
originator refused to get better rate at standard bank
 
If you bank with FNB ... go online and apply (you will get 40% off your first debit order) in eB and also discounts on transfer and bond fees.
 
Thanks everyone, I think I will try my private banker and then use an originator for the rest.
Unfortunately my "private banker" is not the greatest and takes ages to reply to my mails, but let's see.
Problem is SAHL asks a minimum of 20% deposit for an investment property it seems, I don't have that.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X