We didn't get the 100% BOND!

surface said:
Give ooba a call - I had excellent experience with them, may not get you 100% bond but you are likely to win on interest rate. We got prime -0.75 last year. Also, I would work towards saving for 10% deposit in any case. It will save you lot of interest.
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this - use ooba. we used them with the purchase of our new property and we had all the banks wanting to give us loans. ok it was for much R300 thousand, of which we put more than half back because we didn't use it. but we were able to negotiate interest rates etc.
 
surface said:
We got loan was from Standard bank (via ooba) and I did not have any account with them at the time.
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Well, ABSA refused outright, and Standard said there was no point because they would be likely to offer me a really interest rate. My bond was over R1million with R20k deposit, which probably didnt help.
 
Ancalagon said:
Well, ABSA refused outright, and Standard said there was no point because they would be likely to offer me a really interest rate. My bond was over R1million with R20k deposit, which probably didnt help.
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Who did help?
Going through something similar currently
 
Ancalagon said:
Nedbank and FNB. I've been an FNB customer for years but have never been a Nedbank customer.
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How is the house? Sorry I didn't follow up on your thread :o
Not sure if this is polite to ask but how much were transfer duties?
 
Pho3nix said:
How is the house? Sorry I didn't follow up on your thread :o
Not sure if this is polite to ask but how much were transfer duties?
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Good! Really enjoying it!

Because I bought the place new through Summercon and also applied for finance through them (allowing them to take the commission basically), I didnt pay any transfer fees and only paid R5700 bond fees.
 
Shah33m said:
This really is a great thread.

I too am thinking of buying a house soon, perhaps in the next 6 months.

I am looking at a cheaper "starter house" though. I will be a first time buyer.

Are there any "tactics" that could be used to get the price of the house lowered or perhaps the interest rate?

I have been done in with my car deal (paying 15% interest) so would want to avoid this.

Thanks in advance gents.
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The thing that really helped us getting our price down, was to look for anything that might be damaged, even slightly, then put them up with the offer to purchase that the agent does for you, but state specifically that those items must be fixed.

Once the seller accepted the offer, I then approached him on the broken items he forgot about, and eventually came to agree to push the price down with 25K or fix the damage on his on cost. Also don't be afraid to as the agent what % of commision he/she hunts for, and tell him to drop a bit if too high, can save easily like 10K on that as well.
 
Bond originators - how do they make there money (i have a vague understandin that its through the banks) and does the banks then add/ factor this into your bond application in any way?

Would you say that using an originator is better than going in to the bank yourself? i mean would they really fight for the best interest rate on your behalf better than you would?
 
Maverick786 said:
Bond originators - how do they make there money (i have a vague understandin that its through the banks) and does the banks then add/ factor this into your bond application in any way?

Would you say that using an originator is better than going in to the bank yourself? i mean would they really fight for the best interest rate on your behalf better than you would?
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They get commission. Even bank employees get commission when they sell a bond. I however don't believe originators are interested in getting you the best rate, they'd be happier if you accepted they first rate presented. Like car salesmen they get a commission on the rate, I think.
 
R13... said:
They get commission. Even bank employees get commission when they sell a bond. I however don't believe originators are interested in getting you the best rate, they'd be happier if you accepted they first rate presented. Like car salesmen they get a commission on the rate, I think.
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Would it be better applying yourself then get a bond originator to see if they can better it?
 
R13... said:
They get commission. Even bank employees get commission when they sell a bond. I however don't believe originators are interested in getting you the best rate, they'd be happier if you accepted they first rate presented. Like car salesmen they get a commission on the rate, I think.
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we used ooba and i have to say that we were given options for different banks. we then negotiated through them to get the best deal, we were not going to just settle for anything. it's up to you to tell them that you will not settle for the first choice they get, but the best that is offered to you. you need to also do something from your side don't just sit and accept.
 
Have no idea what criteria banks use, but there must be hell of a difference. 1 Bank offers me the full amount requested for (prime -1), other bank 900k less with prime(+1). Still waiting for the other 2
 
moklet said:
Have no idea what criteria banks use, but there must be hell of a difference. 1 Bank offers me the full amount requested for (prime -1), other bank 900k less with prime(+1). Still waiting for the other 2
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take the prime -1!
I dont think any of the others will beat that

value of loan if you dont mind? and bank?
 
SB (Not banking with them at all, and they were my least prefered bank) other FNB which my spouse has been banking for over 30 years and is a private banker client, so obviously something is very strange or some mistake. Loan requested 2.4 (70% of purchase price) so yeah 900k is a hell of a diff.
 
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