inbox: And felt like a knight in shining armour!!
Morning, I hope you are well and that business is looking good on your front. I tried to phone you, but I understand that you were out of the office so here goes.
Do you remember chatting to LXXX about two weeks ago in connection with a bond application? She has tried to obtain a bond through Nedbank, but is seriously battling with the service there. Can I please ask if you can assist in this matter? I please need someone on the ball and professional like yourself to give LXXX and her family the service they deserve. May I please ask that you be in contact with LXXX’s father on the e-mail address above as well as 08Y YYY YYY as i need to have a bond registered as soon as possible and of course, at the BEST rate you can possibly organize! I will be using Attorney XYZ on this. LXXX has not signed an offer yet, as she has battled for three weeks to get an interest rate out of Nedbank and would like to know what she is getting involved in before she signs anything. So if you can please have a chat to Mr XXXXXXXX and give them a full layout of all costs involved at whatever stage of the transaction, I would REALLY appreciate it!
If there is anything else I can assist you in at this stage, please do not hesitate to contact me!
With kind regards
Well as you can imagine I had already spoken with the client given all my FREE advice and she still went to the bank, well that's why I love this job. So I replied and the deals done:
Hello XXXXXXX and XXXXX
I hope you folks are well and I really hope I can assist you.
Ok, first and foremost, this is what the banks are offering in general, it may vary slightly but the truth is this what we see as of today:
Standard and FNB – 100% home loans
Nedbank – they say 100% but we know it’s more like 90% unless the sun shines over your head like a halo
ABSA – 70%
Secondly, no banks offer to lend you the money for costs so you need to raise that yourself, however, whatever the banks offer you, we can raise the balance or difference for you through a product called a starter loan however this is limited to certain limit of amounts.
Rates are around 9% now, and at the lowest they have been in 30 odd years, so if you want to know what rate the bank will offer you, work on 9%. That’s it, forget about rates until you get a deal and “you may” or “may not” get a better rate.
Affordability: This table shows you what you will qualify for based on monthly income:
So if your income (single or joint) is R 10,000 GROSS per month you can afford approximately R333,333.33 home loan
DOCUMENTS REQUIRED: - as you are employed I will need the following:
ID, latest payslip and three months bank statements and please get the statements stamped at a branch (part of fraud prevention)
You will most likely need transfer fees and bond registration fees, so I assume purchase price is R 750,000.00 and you are looking for approximately R 400,000 home loan(I don’t have the actual figures but it will help us understand what costs are looked for)
Property purchase price: 750000.00
Registered bond amount: 400000.00
Initiation fee: 1000.00 Once off Approx
Service fee: 48.00 Monthly Approx
Payable to the attorneys:
Registration costs: 4,216.00
Transfer costs: 22,476.00
Total bond costs: 27740.00
I will call you later this afternoon to discuss - what a pleasure, its all about service folks.