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Home loans Print E-mail

(lees in Afrikaans) 

When you want financing for your property, there are quite a few things to bear in mind. There are many wolves lurking to make a quick buck from your inexperience, and there are quite a few pitfalls. Do watch out!!

When you are working with independent home loan advisors, do remember that they get commission from the banks. Working directly with the bank does not mean necessarily that you will be getting the best rate either.

We would recommend that you do proper homework and do not settle for the first offer. You also do not need to go with your current bank. They would like to emphasize how important loyalty is, but remember that their greatest loyalty lies within their own pockets. Also negotiate about the "fine print." There are many ways that banks will try to avoid you leaving them in the future. Make sure you know what terms they have. Generally they will require a minimum period before you may cancel the bond. If you go to another bank in that period, you will be penalised with heavy penalties. Even if you sell your house you could be penalised. They must give you assurance that when you sell your house and buy another house in that period, that they would not penalise you if you keep your bond with them.

Also double check what their admin fees are. If your loan’s balance is greater that R500 000, you will probably be charged extra admin costs. Compare these amounts.

You will need life insurance against the bond amount. They always (especially the lawyers) recommend a specific company. Again know that they get commission. You will be paying for that commission! Shop around. You do not need to go for their option. They might even try to convince you that it is part of the package. If you do not accept their insurer they will want an affidavit that you do have an alternative. It is a serious matter if you claim to have insurance but do not have it. Also do take this into account when you work out your budget.

Make sure that your access bond is really accessible. At one stage for example it was very difficult to get extra money from SA Home Loans. You had to sign a full contract again. You had to wait a week or two before you got your money. That could really frustrate you if you needed money soon. They did not however claim to have an access bond facility. This apparently has improved though and should not deter you from going with them.

Then off course you need to check the interest-rate. Rates are given as premium minus a percentage. The higher the percentage is the better (except for lenders like SA Home Loans who work with BA rate in stead of prime rate). You could get more information from them.

Also look for package deals. For instance if you are a Discovery member and have Vitality and a Discovery credit card, you could get good benefits if you have an FNB account. They give you a percentage of your monthly payment back up to an amount (last that we checked it was R1000 per property). Just make sure you know all the details. You must pay R3000 (this amount might change) to activate this feature. This will only be active for the first ten years. When the prime rate goes up, your cash back amount does not go up as well. Your rate may not be lower than prime minus 1.8%. Do all your calculations to see if it is worth it for you. If your cash back is R300, it will take you ten months to make the initial R3000 amount up. You also still need to pay for your Vitality and yearly credit card fees. There are other benefits as well though.

The main thing that is important with home loans is that you do research and make an informed decision. And do remember that for every extra bit of money that you can pay on your bond you will save a lot of interest. But, rather incorporate your other usually much more expensive debt (e.g. vehicle loans or personal loans) into your bond if possible.

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Disclaimer:

The information given in here is subject to change and OwnSelling.com will not be liable for any wrong information. We would appreciate it if you could inform us in case of misinformation. We will try to keep it as current as possible.

Huis lenings 

Wanneer u u eiendom wil finansier, is daar ‘n aantal dinge wat u in gedagte moet hou. Daar is baie wolwe wat op loer is om ‘n vinnige paar Rand uit u onervarenheid te maak, en daar is ‘n paar slaggate. Wees op die uitkyk!!

Wanneer u met onafhanklike huislening adviseurs werk, hou in gedagte dat hulle kommissie van die banke verdien. Om direk met die bank te werk beteken egter nie noodwendig dat u beter koerse gaan kry nie.

Ons sal aanbeveel dat u behoorlike huiswerk doen en nie die eerste aanbod aanvaar nie. U hoef ook nie na u eie bank te gaan nie. Hulle sal waarskynlik beklemtoon hoe belangrik lojaliteit is, maar onthou dat hulle grootste lojaliteit in hulle eie sak lê. Onderhandel ook oor die "fynskrif." Daar is baie maniere waarop banke sal probeer om te verhoed dat u hulle in die toekoms sal verlaat. Maak seker u is vertroud met hulle terme. Gewoonlik sal hulle ‘n minimum periode vereis voordat u die verband mag kanselleer. As u van bank verwissel in daardie periode sal u met swaar boetes beboet word. Selfs as u u huis verkoop kan u gepenaliseer word. Hulle moet u die versekering gee dat wanneer u u huis verkoop en ‘n ander een in daardie periode koop, dat hulle u nie sal penaliseer as u u verband by hulle hou nie.

Maak ook doodseker wat hulle administrasiefooie is. As u leningsbedrag bo R500 000 is, sal u waarskynlik ekstra administrasiekoste betaal. Vergelyk hierdie bedrae.

U sal lewensversekering vir die leningsbedrag nodig hê. Hulle sal altyd (ook die prokureurs) ‘n spesifieke maatskappy aanbeveel. Hou steeds in gedagte dat hulle kommissie verdien. U sal self daardie kommissie moet betaal. Koop rond. U hoef die opsie wat hulle aanbied te neem nie. Hulle mag u selfs probeer oortuig dat dit deel van die pakket is. As u nie hulle versekeraar aanvaar nie, sal hulle ‘n beëdigde verklaring vereis dat u wel oor alternatiewe versekering beskik. Dit is ‘n ernstige saak as u aanspraak maak op lewensversekering en dit nie het nie. Bring dit ook binne rekening as u u begroting uitwerk.

Maak seker dat u fleksieverband inderdaad toeganklik is. In ‘n stadium was dit byvoorbeeld baie moeilik om eksra geld by SA Home Loans te leen. Die ondertekening van ‘n volledige nuwe kontrak is vereis. Mens moes ‘n week of twee wag voordat die geld beskikbaar was. Dit kan u baie frustreer as u spoedig geld nodig het. Hulle het egter nie aanspraak gemaak daarop om ‘n fleksie-reserve te hê nie. Dit het blykbaar verbeter en behoort u nie te weerhou om hulle te nader nie.

Dan moet u natuurlik uself vergewis van die rentekoers. Koerse word aangebied as prima minus ‘n persentasie. ‘n Hoër persentasie is beter (behalwe vir uitleners soos SA Home Loans wat met die BA koers in plaas van prima koers werk). U kan meer informasie van hulle inwin.

Wees ook op die uitkyk vir bundel-aanbiedings. As u byvoorbeeld ‘n Discovery lid is en die Vitality-opsie het asook ‘n Discovery-kredietkaart, kan u goeie voordele kry as u ‘n FNB rekening het. Hulle betaal aan u ‘n persentasie van u maandelikse paaiement terug tot en met ‘n sekere bedrag (laas toe ons gekyk het was dit R1000 per eiendom). Maak net seker dat u bewus is van al die detail. U moet R3000 betaal (hierdie bedrag kan wissel) om hierdie opsie te aktiveer. Dit sal slegs geld vir die eerste tien jaar. Wanneer die prima koers opgaan, gaan u terugbetalings-bedrag nie ook op nie. U koers mag nie laer as prima minus 1.8% wees nie. Doen al u berekeninge om te sien of dit die moeite werd is vir u. As u terugbetaling R300 is, sal dit u tien maande neem om die aanvanklike bedrag van R3000 op te maak. U moet steeds u Vitality-fooi betaal en asook u kredietkaartfooie. Daar is egter ander voordele ook.

Die belangrikste van huislenings is dat u navorsing sal doen en ‘n ingeligte besluit maak. En onthou dat vir elke bietjie ekstra geld wat u op u verband afbetaal, sal u ‘n klomp rente spaar. Maar, inkorporeer eerder die andersins baie duurder skuld (bv. voertuig-lenings of persoonlike lenings) in u verband indien moontlik.

Ondersteun asb. ons borge om lystings gratis te hou.

Ontkenning:

Die informasie wat in hierdie onderwerp verskaf is, is onderhewig aan verandering en OwnSelling.com sal nie aanspreeklik gehou word vir enige foutiewe inligting nie. Ons stel dit egter op prys as u ons in kennis sal stel in geval van misinformasie. Ons sal poog om die blad so op datum te hou as moontlik.

 
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