Captain Fastbastard Mayhem Posted August 6, 2013 Share mmm so so - my existing bond is -2% I think I got -1.75% on this one Dude, in the current environment anything better than prime minus 0.5% is a helluva good rate. Link to comment Share on other sites More sharing options...
Sportsworld.co.za Posted August 6, 2013 Share This was from April 2013, it might have changed a bit but I'm betting not by much. It'll give you some idea as a self-employed person of what you might expect to borrow from the different banks.Bank_Loan_to_Values_20130219_Betterbond.pdf P.A.K. 1 Link to comment Share on other sites More sharing options...
Baaisikilist Posted August 6, 2013 Share mmm so so - my existing bond is -2% I think I got -1.75% on this one In the current economic climate, even prime is 'good'... Link to comment Share on other sites More sharing options...
Little Fish Posted August 6, 2013 Share Hi Madvics Send me your contact details to rmey@fnb.co.za and I will get one of our FNB Home Loan Sales Specialists to get in touch with you and help you through the process. RegardsRyno Steve Fixed! Link to comment Share on other sites More sharing options...
madvics Posted August 6, 2013 Share This was from April 2013, it might have changed a bit but I'm betting not by much. It'll give you some idea as a self-employed person of what you might expect to borrow from the different banks. thanks that's a great help, gives me some kind of an idea. Sportsworld.co.za 1 Link to comment Share on other sites More sharing options...
Wayne Potgieter Posted August 6, 2013 Share Ok, heres what i had to do. I am married in COP, my wife was at the time a salaried worker. I own a few companies but draw a single salary from a holding company (CC) I had to provide: 3 years financial statementsLetter from auditor/accountant confirming income12 months corporate bank statements12 months personal bank statementsProof of residenceID Book My wife had to give 1 months payslip and 3 months bank statements as well as proof of res and id. I used a bond originator and it took longer than a "normal persons" application. It took about 10 days to get a grant approval. RudoJ 1 Link to comment Share on other sites More sharing options...
Joe! Posted August 6, 2013 Share Contact BetterBondWww.betterbond.co.za Link to comment Share on other sites More sharing options...
RudoJ Posted August 6, 2013 Share Yep, Mr Potgieter summed it up nicely as always.The people we are buying our house from are self employed as well.Not really sure about the issues, but apparently the "salaries" they gave themselves werent big enough. They are also buyng another place now. But use Better Bond, they negotiated an awesome interest rate of 7.5% for us recently. PM me if you want the ladies contact details that assisted us. Their offices are in Jean Ave in Centurion just below Shelanti's. Shouldnt be too far from where you are. Good luck, its hectic and your stress levels are bound to shoot through the roof. But its an awesome feelintg when you get the grant/approval. We got ours last week, and boy did we celebrate. Link to comment Share on other sites More sharing options...
LazyTrailRider Posted August 7, 2013 Share This whole "self employed" thing is a very relative concept. It's quite amusing how it's more difficult for me personally to apply for a bond than it is for anyone who works for the company I co-own. Most of our employees are graduates and earn very good salaries (as in, around the average shown in the "How much do you earn" thread), and many have bought homes while working for us. Fundamentally, when applying for a bond, I'm no higher a risk than any of them are. Yet... My home was bought into a trust, which needed to prove income and assets of the trustees, which is even more of a mission, but it's not intended to ever (another relative term) be sold, so the effort and cost is worthwhile. For most, this is not practical, but it's recommended if your intention is to take a really long view. Link to comment Share on other sites More sharing options...
LazyTrailRider Posted August 7, 2013 Share I am married in COP In hindsight (to the fact that you became a business owner), would you have done this any differently? I'm asking because almost everyone in my family (father, grandfather, uncle) were and have always been self employed and we were taught from a young age when learning the business and financial ropes to never marry in COP, because it puts the other party at risk. Edited August 7, 2013 by MH for short Link to comment Share on other sites More sharing options...
madvics Posted August 7, 2013 Share Thanks guys you are all being a great help , allot of you mention better bond I am definitely going to keep them in mind.Thank you Wayne for that breakdown Link to comment Share on other sites More sharing options...
madvics Posted August 7, 2013 Share In hindsight (to the fact that you became a business owner), would you have done this any differently? I'm asking because almost everyone in my family (father, grandfather, uncle) were and have always been self employed and we were taught from a young age when learning the business and financial ropes to never marry in COP, because it puts the other party at risk. I think most people who are self employed are married that way, Its just safer Link to comment Share on other sites More sharing options...
RudoJ Posted August 7, 2013 Share Thanks guys you are all being a great help , allot of you mention better bond I am definitely going to keep them in mind.Thank you Wayne for that breakdownShould you go through an Estate Agent, they often have a Bond Originator of some sorts contracted to them.Most of them probably do the same job, but the lady at BetterBond that helped us, is really fantastic. Link to comment Share on other sites More sharing options...
Cassie Posted August 7, 2013 Share And don't forget to budget the extra cash for upfront expenses, including attorney fees, bond registration and taxes What he said...htere are many many "unexpected" costs that can deplete your cash reserves!! Link to comment Share on other sites More sharing options...
Wayne Potgieter Posted August 7, 2013 Share In hindsight (to the fact that you became a business owner), would you have done this any differently? I'm asking because almost everyone in my family (father, grandfather, uncle) were and have always been self employed and we were taught from a young age when learning the business and financial ropes to never marry in COP, because it puts the other party at risk.Yes, I would have. My wife has since started her own business as well, so know it is different. Link to comment Share on other sites More sharing options...
Wayne Potgieter Posted August 7, 2013 Share Should you go through an Estate Agent, they often have a Bond Originator of some sorts contracted to them.Most of them probably do the same job, but the lady at BetterBond that helped us, is really fantastic. The agent we used has a contract with Ooba. But i had been referred to another chap. The agents bond originator refused to handle the applcation and categorrically stated that we would not qualify. The other guy came back with three of the four banks approving us. After a while, when i went to his office, i realised he was also with Ooba. The useless lady shared an office with him and they didnt realise they were working on the same app. Just shows yu, its not the company you deal with, but rather the people. VicanZA and Little Fish 2 Link to comment Share on other sites More sharing options...
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