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Best 2019 home loan interest rate
#1
Hi Gents

What was the best home loan interest rate you obtained in 2019?
AKASH
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#2
9.8%


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#3
10.45% FNB

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#4
Less than Prime is possible if you have a good track record. It's also dependant on the amount you plan on financing. The higher the amount, the lower the bank is willing to drop the rate.
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#5
9.85% Standard 100% Bond
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#6
9.5 to start and after 3 months if I still bank with fnb 9.25. On a side note lots of paperwork and takes an age. Hopefully I can move in during November as the rental place has nee tenants 1st December.

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#7
I got a 9.65% but they advised if i moved to FNB i will get 9.15%
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#8
Thanks Gents seems like 9.6% to 9.8% is a decent rate to get.

Just hope the Registration doesn't take forever
AKASH
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#9
I've found they are unwilling to offer a great rate unless you are buying at the top of your affordability, which I don't think is a good idea personally (well it doesn't work for me anyway)
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#10
who has chosen to go for a capped rate?
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#11
So it seems all of you in this thread are in the market at the moment.

We've been looking at a few places. it seems the market is very active under R2M but prices are steadily declining in above R3M. This has, if anything, put a damper on our eagerness to buy just yet as some places over a 4 month period have come down by as much as R800K. Agents arrogance is also making way for reality checks. There is an agent that basically insulted and ghosted us about a month ago... now the property is selling at pretty much our offer price (when we checked out of interest last night...). Who knows if they will call back Rofl

Anyway I don't know at what price point you're all buying, but I'd be interested to understand your levels of confidence at the moment and how much analysis you've done into your area (this is the critical bit I guess) and the market dynamics in general vs. just falling in love with a place.
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#12
Do your shopping with different banks and negotiate a good rate between the banks. But if you're prime (10%) minus then you're doing well.

Do people cap home loan rates? 20 years is a long time... unless you have a very short term bond.
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#13
@akash bought a place and registration took 4 months. Apparently its suppose to be 6 - 8 weeks but for some reason it went on and on and on.

I wish I had seen this thread then, Some of what Llew is talking about could have come in handy. We just fell in love with the place without doing much research because we assumed in an established neighborhood nothing new can happen. Turns out there have been some fights with some people who want to put up an informal settlement in an open field around the area. Our agent was aware of this but never mentioned it...sigh.

Interest got 10.5% (F8ck you very much Gym Company) but I moved to FNB got a nice 0.3% cut and then opted for a salary deduction which brought it into the higher 9s
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#14
i would
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#15
Interesting, wonder what the bank will cap it at?

@Dirtydeedsman when I was looking to buy a place, a mentor advised me to rent in that area first before I buy. That would enable me to understand actual dynamics of the area (be it amenities, traffic, crime, future development) a bit better. This worked for me.
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#16
like 2% higher
CURRENT: BMW E36 M3 Coupe PROJECT...plan.. 18" EwingEquips & TURBO
CURRENT: BMW 330i individual..Arizona Sun on 19's
CURRENT: DATSUN PB210 aka BIN aka "Z" Coupe 2L on EwingEmotions
CURRENT: AUDI A5 on 20" Concavos
CURRENT: Rothmans VFR400 NC30 PROJECT
CURRENT: Repsol VFR400 NC30 PROJECT
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#17
(21-10-2019, 04:05 PM)NtandoN Wrote: Interesting, wonder what the bank will cap it at?

@Dirtydeedsman when I was looking to buy a place, a mentor advised me to rent in that area first before I buy. That would enable me to understand actual dynamics of the area (be it amenities, traffic, crime, future development) a bit better. This worked for me.

I think they will cap it but then relook at it after a few years iirc it was like 5 years. So its not capped at that rate for 20 years.

Didnt make sense to me, as the rate needed to increase by 2% for me to see any benefit. In fact Ive seen a number of rate reductions since I have the loan for about 3 years now.
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#18
i would do it because of the current climate.

its definitely not popular opinion to do it nowadays ...but personally i would.
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CURRENT: DATSUN PB210 aka BIN aka "Z" Coupe 2L on EwingEmotions
CURRENT: AUDI A5 on 20" Concavos
CURRENT: Rothmans VFR400 NC30 PROJECT
CURRENT: Repsol VFR400 NC30 PROJECT
EX: BMW 330i, BMW 330i, Range Rover 4.6 HSE Vogue, FORD XR6 & RS Turbo, OPEL Monza 200iCD16V, Toyota GLi Exec, VTEC, ALFA Giulietta & GT Junior stepnose, a few mingers
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#19
9.36%
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#20
Too many factors to consider when banks determine the rate.

Risk is key.
Stability of the individual, age, marital status, 1st time home buyer? Previous bonds held?
Affordability and repayment ability based on credit record also plays a role.
Property value, Loan to value amount, this determines whether a deposit is required.
Ability to pay for transfer and registration vs being absorbed into the bond.
Term, 20 vs 25 vs 30 years
Area of property, sell on probability based on other similar sales in the area.
Stress tests and knock tests are simulated on the current rate should it gop up or down and this influences affordability
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