scannon586
New member
So I am a first time buyer with a credit score of 800 & looking to make the jump on a good investment property.
After much negotiation, I've finally had a reasonable OTP approved by the estate agency on a property which I really like, which really stood out to me.
The bond originator had come back with an interest rate that is 0.68% below prime, which also happens to be with the bank which I bank with (FNB).
A) Is it advisable to approach my bank directly for a better offer or am I short outta luck for anything better being thrown on the table?
B) Is it advisable to put down a deposit after or during the bond registration - or put one down at all?
C) Adding a lump sum later down the line? (If>when?)
It just feels like it's all happening too fast and would really like some advice from previous buyers/sellers before taking the plunge.
Thank you!
Edit: (Update)
I have approached the banks myself since the originator kept wanting to close and settle at a high rate. My main bank being FNB, their consultants were extremely helpful & was always willing to match or beat - ended up with -1.82% below prime!
I couldn't have done it without everyone's valuable input here, thank you all!
After much negotiation, I've finally had a reasonable OTP approved by the estate agency on a property which I really like, which really stood out to me.
The bond originator had come back with an interest rate that is 0.68% below prime, which also happens to be with the bank which I bank with (FNB).
A) Is it advisable to approach my bank directly for a better offer or am I short outta luck for anything better being thrown on the table?
B) Is it advisable to put down a deposit after or during the bond registration - or put one down at all?
C) Adding a lump sum later down the line? (If>when?)
It just feels like it's all happening too fast and would really like some advice from previous buyers/sellers before taking the plunge.
Thank you!
Edit: (Update)
I have approached the banks myself since the originator kept wanting to close and settle at a high rate. My main bank being FNB, their consultants were extremely helpful & was always willing to match or beat - ended up with -1.82% below prime!
I couldn't have done it without everyone's valuable input here, thank you all!