What is it that bond originators do and why not go the D.I.Y route?
such a great question and you will always get your pros and cons depending on whom you are speaking to.
We do know that bond originators often shop around and are kind of impervious to which bank you are looking at but finding someone that is great is not always easy. So do you get references? I would.
Bond originators assist you by negotiating with all the major lenders on your behalf, thus taking the fear out of applying for a bond and even work with SA Homeloans, BMW finance and Investec not just Standard, ABSA, FNB and Nedbank.
The service of a bond originator is free to you, the applicant – this is because bond originators get paid by the banks.
This means less leg-work for you and a lot less admin for you, the client.
Even where the home-buyer has a really good, strong relationship with their own bank, bond originators allow for room to shop around for the best deals and to look around at all the other banks simultaneously, getting you the best deal there is.
Every now and again some banks seem to get into a tiff with the originating groups and then for a while no longer allow bond originators to act on their behalf, therefore it is advisable to first ask the originator who they represent and the good ones will make a plan regardless.
If you are a non - resident and looking for finance, mortgage or home-loan and buying a property or investing in South Africa, whats sort of financial resources is available to you today! So do you feel like a foreigner?
You will always need to transfer some money from your country to South Africa, either as deposit or for your monthly mortgage payments, however that can be done free of transfer fees and need not be an expensive project.
So what do the lenders offer and this includes, ABSA, Nedbank, FNB and Standard Bank and even SA Homeloans.
So firstly non-resident clients living and working abroad. 50% maximum and then only from ABSA, Standard Bank and FNB.
Non-resident Clients with SA Work Permits
FNB - 50% loan Max
ABSA - 70% loan Max
Nedbank - 80% loan Max if you are a Nedbank client
Standard Bank - 90% if not a client and 100% if you are a client
However, you will need
1. To have a clear credit record and if you do not know what your status is please get a copy of your credit report today. This will save you hours of heartbreak.
Ensure your required documents are up to date - so bank statements are less than a week old, clear to read - otherwise the banks will reject them and if you are self employed have at least 2 to 3 years audited and signed financials available.
Of course , use a bond or mortgage originator always - they know who offers what and remain objective.
