I came here because FNB rejected my home loan application. I got one from HIP, ABSA gave me 90%. FNB gave me a credit card and as I was going through the app I noticed that I can change my bond provider. It was the first time I heard about it, but it gave me a chance to work harder as a homeowner on my credit during the first year. I like you so you just gained a subscriber
Welcome 🤗 and thanks for watching and the engagement. I hope FNb will respond with a more favourable outcome when you are ready to make the switch. All the best
Thank you so much for sharing your journey. It has been very informative. I will also try to do a switch to see if I can also get a lower interest rate.
Me and my Wife we've been banking with FNB all the years but we were approved by Absa through an Agent application for our Home Loan. We are currently on 10.30% interest rate from Absa. 2 month ago, I went to visit Absa to open a savings account and to get my Home Loan account number to just make any deposit toward the home loan, is that a good idea though? Well, the consultant advised us to find out from FNB if we can switch and see if we can get benefits and less interest rate.
give FNB a shot and apply to switch your home loan. You really don’t have anything to lose and you could get lower interest rates ( and since you bank with them even more benefits as well).
But i have a question is you say for instance you cancel your bond at bank A now you apply for a new home loan at Bank B,but after a few days they say to you but you are not successful for a new loan at Bank B then what will the. Happen with the Bond you cancelled at Bank A
that is why there is a 3months cancellation period for cancelling your bond with the bank. any time during those three months you can go back and continue with your bond repayments - as long as the three months hasn't lapsed.
Still holding on to both of them for now. Might sell one of them when I feel like I have made enough profit ( from the appreciation of the property) As for Airbnb - I’m restricted because the body corporate in both estates where I own property doesn’t allow for Airbnb letting of property so for now that’s not an option unless it changes :(
Hi Yolz, thanks so much for this super informative video, its making me consider a move as well! Were the bond registration costs added to your overall home loan amount (similar to the process for initiation costs), making it that you didn't have to pay them upfront? Or did FNB completely cover those costs?
Hi @venturekat please do consider the move. FNB completely covered the costs. Just ensure you give your current bank 90 days notice period to cancel your bond so you don’t incur any penalty fees.
Cover or waive the costs, cover can mean that YOU still pay the R27k odd for attorney transfer fees over 20-30 years whichever you chose. I worked for FnB, banks don’t give free money. How are you doing now with the 11.25% interest rate?
Nedbank told me the same thing last month...they said they can "re-structure the loan" 😅 they basically tryma imitate the balloon payment method for cars....
Honestly wasn’t happy with them in my adult years but I’ve been with them since I was a child and just too lazy I guess to change. Well that laziness has def cost me but so glad I changed eventually
banks don't give free money. there must have been fees for lawyers etc, you getting initiation fee back its not free money you paid for it. all they do is pay for some fees, do tell how your current situation is
Ohhh my gosh the amount of ebucks is insane ❤❤❤
I came here because FNB rejected my home loan application. I got one from HIP, ABSA gave me 90%. FNB gave me a credit card and as I was going through the app I noticed that I can change my bond provider. It was the first time I heard about it, but it gave me a chance to work harder as a homeowner on my credit during the first year.
I like you so you just gained a subscriber
Welcome 🤗 and thanks for watching and the engagement. I hope FNb will respond with a more favourable outcome when you are ready to make the switch. All the best
Hmmmmm great and wise move Hun, Congratulations.. This is really some awesome nuggets.Thank you for the content.
You are welcome. Thanks for watching
when you did the change, does the new bond start again on the 20 year term, or do they adjust the term as per your previous remaining term?
Thank you so much for sharing your journey. It has been very informative. I will also try to do a switch to see if I can also get a lower interest rate.
Thank u for the insight mine was with fnb but absa is offering lower rate. I have approached them to match the offer but said they are unable too.
brilliant content and great breakdown. thank you for sharing this...
Glad it was helpful!
Great content indeed, has demystified my reluctance.
Thanks for the feedback 😀
Me and my Wife we've been banking with FNB all the years but we were approved by Absa through an Agent application for our Home Loan. We are currently on 10.30% interest rate from Absa. 2 month ago, I went to visit Absa to open a savings account and to get my Home Loan account number to just make any deposit toward the home loan, is that a good idea though?
Well, the consultant advised us to find out from FNB if we can switch and see if we can get benefits and less interest rate.
give FNB a shot and apply to switch your home loan. You really don’t have anything to lose and you could get lower interest rates ( and since you bank with them even more benefits as well).
But i have a question is you say for instance you cancel your bond at bank A now you apply for a new home loan at Bank B,but after a few days they say to you but you are not successful for a new loan at Bank B then what will the. Happen with the Bond you cancelled at Bank A
that is why there is a 3months cancellation period for cancelling your bond with the bank. any time during those three months you can go back and continue with your bond repayments - as long as the three months hasn't lapsed.
This was very informative, thank you
You welcome 🤗
Wow powerful, do you offer one on one sessions be it face to face or online platforms?👏
How do ebucks work?
Hi I would like to know if the fnb interest rate at fnb fixed or variable rate like it was at standard bank
hey - its variable. with the current interest rate increases I am feeling it!
Does anyone have experience with absa ?
Hi Yolz, I just wanted to find out if you obtained a quote from FNB on the interest rate first before you applied?
I applied first and they send you a interest rate quote (you are not bound to anything yet at this point)
I have been procrastinating about this, I’m with Nedbank, and they give u a run around with negotiation a lower interest rate. It’s time to move now
yes. just do it
Sweetheart, I thought you were going to sell one of your places?? Plus have you tried airbnb?
Still holding on to both of them for now. Might sell one of them when I feel like I have made enough profit ( from the appreciation of the property)
As for Airbnb - I’m restricted because the body corporate in both estates where I own property doesn’t allow for Airbnb letting of property so for now that’s not an option unless it changes :(
I think I need to start checking bcoz really STANDARD bank is killing me
Please do it. Absolutely no regrets
Please do it. Absolutely no regrets
Please do it. Absolutely no regrets
Please do it. Absolutely no regrets
Please do it. Absolutely no regrets
Hi Yolz, thanks so much for this super informative video, its making me consider a move as well! Were the bond registration costs added to your overall home loan amount (similar to the process for initiation costs), making it that you didn't have to pay them upfront? Or did FNB completely cover those costs?
Hi @venturekat please do consider the move. FNB completely covered the costs. Just ensure you give your current bank 90 days notice period to cancel your bond so you don’t incur any penalty fees.
Cover or waive the costs, cover can mean that YOU still pay the R27k odd for attorney transfer fees over 20-30 years whichever you chose. I worked for FnB, banks don’t give free money. How are you doing now with the 11.25% interest rate?
So I want to know do you start over again
They also told me the same thing Standard bank, cannot review interest rate😒
I wonder if this is something they will change in the future because other banks do it and they could end up losing a lot of business
Nedbank told me the same thing last month...they said they can "re-structure the loan" 😅 they basically tryma imitate the balloon payment method for cars....
I got the same response. What a shame😢
Honestly I have never been a fan if standard bank, it was not made for civilians.
Honestly wasn’t happy with them in my adult years but I’ve been with them since I was a child and just too lazy I guess to change. Well that laziness has def cost me but so glad I changed eventually
Welcome home Sweetie ;) #FNB_Babe
yaaaaass. happy with the service so far
Standard bank is killing me😢
switch to FNB :)
banks don't give free money. there must have been fees for lawyers etc, you getting initiation fee back its not free money you paid for it. all they do is pay for some fees, do tell how your current situation is
That confused me as well.