Comments for Property Loans SA

Comment on How to secure a 100% Home Loan by CJ

CJ — Mon, 07 May 2012 05:46:40 +0000

Hi, I want to buy a home to rent out. I’m a business owner and the business is run in a partnership. Is it possible to get a 100% bond?

Comment on How to secure a 100% Home Loan by Ann Garthwaite

Ann Garthwaite — Tue, 01 May 2012 09:24:08 +0000

I have recently built a house. At the time of securing my bond I clearly advised all the banks that I applied to that I needed at 100% bond. All the bonds I applied for were granted, but none for 100%. After discussing (in detail) that I would then need to cut back on the buildings with various people at the bank, I didn’t feel that I would have too much of a problem, and went ahead and signed with on of the major banks. It didn’t take me very long to realise that, despite all the (verbal) assurances I got from the people at the bank – I had a serious problem. I’m not sure if it was because of lack of training, or if (a lot) of people didn’t fully understand the policies of the bank they are working for but it very soon came to light that I would not be able to cut back on the buildings, and in deed would need to haul out a huge sum of money before any monies would be paid out to me at all! I finally got all the correct information about how building projects work… sadly not from the bank, but from their (outsourced) building inspectors. I, once again went back to the bank, and spoke to a snr manager, who quite tersely advised what I should do to try and resolve my problem. (By this time I had borrowed money from relatives and friends to try and get the house built – and still it wasn’t enough). I explained this to the manager, who then advised that I should go back to the bond initiator, and he (the manager) would explain to him how to resolve my problem. This I did, and the advice I was (once again) given, was to take an additional personal loan, and then apply for a 2nd bond once the house was built – with their fine words of wisdom of: “One doesn’t build long term projects on short term loans”. Very relieved that I had now solved my problem, I completed building my house, which had now also gone over the initial value of the quotation, due to small changes and increases in costs of building materials. (Which I was also advised is “very normal”). As soon as the Occupational Certs were issued, I went straight back to the bank to apply for my 2nd bond to cover all the loans that are now quite overdue. I immediately qualified on the credit rating, but have now been advised that the bank can’t find sufficient value in the property to approve the 2nd bond, as they now need to find more value in the property than there actually is.

I am desperate to get this problem solved, because the difference in paying off personal loans, as opposed to having a 2nd bond on the property is solvency vs insolvency for me personally. This I keep telling the bank on a daily basis, but they don’t really seem to care much.

If anyone has had a similar experience, any advice would be greatly appreciated.
Thank You

Comment on Prime Interest Rate History in South Africa by zephy

zephy — Tue, 24 Apr 2012 19:22:58 +0000

Why is there an average of 3%gap between the repo and prime rate?

Comment on Prime Interest Rate History in South Africa by zephy

zephy — Tue, 24 Apr 2012 19:20:31 +0000

The prime rate is 9% and the repo rate is usually minus 3%.Why so much gap by the banks.

Comment on How much Home Loan do I qualify for? by Thoughts

Thoughts — Mon, 23 Apr 2012 07:30:26 +0000

It is possible to take a jointly bond with a person who has a bond already?

Comment on Home Loans For Low Income Earners by dudu rasepae

dudu rasepae — Mon, 23 Apr 2012 07:17:24 +0000

Hi my name is dudu, I’m working permanent as a nurse I’m earning R8000,staying in bronkhorstspruit would like to buy a stand of R200 000 in bronkhorstspruit and build my house if I can get home loan of about R450 000 to build! My number is 0826402102

Comment on ABSA launches new Home Loan facility by Miriam Obeng

Miriam Obeng — Mon, 23 Apr 2012 03:48:52 +0000

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Comment on Access Bonds by Wally van Wyk

Wally van Wyk — Sun, 22 Apr 2012 18:15:12 +0000

I am interested in an access bond. I have a registered bond with FNB. Kindly advise. Thank you

Comment on Standard Bank Access Bond by Vuyiswa xolani

Vuyiswa xolani — Sun, 22 Apr 2012 10:25:45 +0000

I got a bond loan from std bank of r290000 in 1998 now i want std bank to loan me 30000 to add on my bond

Comment on How to secure a 100% Home Loan by David Molelekeng

David Molelekeng — Sat, 21 Apr 2012 09:56:57 +0000

Hi my name David, I earn R8200 and just received an offer to purchase of R360,000 for the house I am renting so me and fiance who earn R2500 we are want to go combine for this house cos we have been staying in this house for while and we like this house.

Please help me what can I do becos my bank is willing to give R300,000.

Assistantance will be highly appreciated