Wednesday, 12 November 2008

Calling All Bond Originators

Here's a little tip or two for all you bond originators out there....

Make sure that when you submit your applications to the banks that you fight for your deals.

Chances are, your applications are going to be declined upfront by most banks.

DO NOT ACCEPT DECLINES if you believe that your application should go through.

We're finding that with many banks right now, that their initial applications they're declining. With a little fight, we're getting grants, and with even more fighting we're getting 95% and on some rare occasions 100% loans (this will change within the next week I guarantee).

So, make sure you have your qualifications done correctly!
Make sure you've done a credit check on the client, if you have payment profiles even better!
Make sure that your clients RTI (Repayment to income) does not sit above 30%!
Make sure there is enough disposable income at the end of the month for the client to pay for their bond!
Last but not least, deposits people!!!!! Believe it or not, there are still agents out there trying to get 100% bonds on all their applications!!!! NOT GOING TO HAPPEN.

Having said that, you can't blame everyone for trying can you.

FYI:

ABSA Bank: 90% loans
Std Bank: 85% loans
Fnb Bank: 100% so they claim
Nedbank: 95% loans

Keep on pushing SA.

3 comments:

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nats said...

I hope all bond originators take your advice and fight for those deals.How are any of us going to get houses anymore if no one gets us the bonds?

WizardMan said...

Exactly. Which is why we're here ;-)