Wednesday, 18 June 2008
Friday, 13 June 2008
Nedbank you really have been great lately, we hear from clients all the time and they think someone has definitely got their act together. Well done guys. The Mage
Attached is a summary of the criteria which ABSA are now working. Juggling the act is the name of the game - The appetite for risk has definitely reduced.
Remember – LTV means the amount of money being lent against the value of the property.
The Mage is Back!!!
Could it be the beginning of some good movement in our ever declining economy. Have the government and our finance ministers finally realised that interest rate increases are not going to solve the economic crisis we find ourselves in!!!!!!!!
Well done Tito on the 0.5% increase in interest rates yesterday.
It's a nice change and a breather for South Africa. Quite frankly I think the banks are a little tired of repossessing all these properties.
Are we now going to see another bold move??? WILL YOU (THE GOVERNMENT) REMOVE THE TAXES FROM OUR FUEL PRICES???
Well, lets wait and see.
CURRENT HOME LOAN INTEREST RATE: 15.5%
Wednesday, 11 June 2008
In the past, clients have had the option of taking up a fixed rate on application, final grant or after the bond is registered.
Fixed Rate policy change
With immediate effect, Absa Home Loans will only offer fixed rates on registered bonds, i.e existing business. The fixed rate may only be applied for after registration has taken place, and the applicable rate will be determined as per the fixed rates at that time, as published on http://www.absa.co.za/, under the Rates & Fees section.
Fixed rates will only be offered on existing loans and on “registered” new loans. This policy is to be applied until further notice
Application of the policy on further advances
If the client applies for a further advance and an additional amount is to be registered, a fixed rate will only be offered after the additional amount has been registered.
Where the client will not be registering an additional amount, meaning that the bond amount registered is enough to cover the further advance amount, a fixed rate can be offered to the client, however, the fixed rate will be determined at date of Final Grant.
The above is to be applied even if the further advance amount is to be allocated to a multi-plan account.
Tuesday, 10 June 2008
*SELL YOUR HOUSE*
*LEAVE SOUTH AFRICA IT'S ALL OVER*
New credit act, banks changing lending policies, inflation increases, GLOBAL crashes in the mortgage origination business, petrol price increases yadayadayadayada....
If you're looking for good financial advice with regards to your bond speak to Wizard Midrand
Friday, 6 June 2008
Lets shed some humour into the credit pains we've been hearing about for the last couple of months.
LETTER TO TRUWORTHS FROM SIPHO
Next time you get a letter to pay your debts from your creditors, be sure to remember Sipho's letter.
LETTER TO TRUWORTHS
I acknowledge receipt of your letter dated 1 May in which for the third time, you request that I pay the monies owed to you. I first want you to know that by no means do I dispute my debt and I intend to reimburse you as soon as possible. However, I bring to your attention that I have many more creditors, quite as honourable as you, and whom I wish to reimburse too.
That is why, each month, I throw all the names of my creditors into a hat and draw one randomly whom I hasten to refund immediately. I hope that yours will come out shortly.
PS: I have great regret in informing you that given the unceremonious tone of your last letter, you will not be taking part in the next three draws.
Tuesday, 3 June 2008
Make owning your home loan even more rewarding
With the increases in interest rates, high inflation, and a household budget that's becoming more difficult to manage, it's good to know that there are some banks willing to help out. ABSA Home Loans have a range of products out there to assist you in managing your home loan account and your finances. Here is a list of options available for you. Should you have any queries please feel free to respond to this post or contact Wizard Midrand for more assistance.
Competitive Rate Options: choose between a variable or fixed interest rate option. A variable rate moves in line with the mortgage lending rate, while a fixed rate stays the same even if the Reserve Bank increases rates. You can select to fix your rate from anything between 12 months and 10 years.
Extended Repayment: a great option for those struggling to repay their 20 year loans. Extend your home loan to a maximum on 30 years thereby dropping your payments. In order to avoid paying more interest over the longer term you can also reduce your bond period as anytime FREE OF CHARGE.
Fastforward: pay off your home loan sooner and save interest with the ABSA fast forward options. You have the option to revert to a different option at any time.
Multiplan: structure your ABSA home loan account so that you can make the most of your money available in it. Multiplan allows you to have the primary account and a number of separate accounts linked to it. You can use the equity in your home loan for whatever purpose you need.
FlexiReserve Facility: access the available equity in your home loan at any time and use it for whatever you want.
Further Advance: if your property has increased in value since you bought it, you can apply for a further advance, which is essentially a second bond on your home that makes extra money available to you.
Thanks to ABSA home loans for providing us with this great information. Lets get the credit appetite in our favor people. Make it work for you!!!