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Bond originator vs direct
04-11-2019, 10:56 AM,
#1
Bond originator vs direct
Hi All

Need some advice.

Made an offer on a property and awaiting feedback.
Need to know if it would be better to use a bond originator like Betterbond or Ooba etc. or go directly to bank.

Has anyone had an experience using bond originators and was it painless.

Thanks in advance

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04-11-2019, 12:35 PM,
#2
RE: Bond originator vs direct
Best option is to do multiple applications across both of them, and then go with the best rate + benefits.

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Sheldon13
04-11-2019, 12:40 PM,
#3
RE: Bond originator vs direct
Go with the bond originator.

They get multiple quotes on your behalf from all the different banks, and they can do the negotiations for a better rate.

There cut comes from the bank, so it costs you nothing.
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Sheldon13
04-11-2019, 01:23 PM,
#4
RE: Bond originator vs direct
I used a bond originator and the process of getting grants and approvals were quick and painless through them, the rest of the process at the lawyers was a pain though.

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Sheldon13
04-11-2019, 01:24 PM,
#5
RE: Bond originator vs direct
Thanks for the reply.

Which originator did you use if you mind me asking

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04-11-2019, 01:25 PM,
#6
RE: Bond originator vs direct
I used Alice Roux from Capcubed

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04-11-2019, 01:43 PM,
#7
RE: Bond originator vs direct
Thanks

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04-11-2019, 01:53 PM, (This post was last modified: 04-11-2019, 01:54 PM by kingr.)
#8
RE: Bond originator vs direct
Bond originator for me. Fewer hassles than applying yourself. Same like applying for car finance via a company that sends your application to multiple banks.

Btw don't be surprised if your own bank makes you a bad offer.

I ended going with Nedbank, best rates and term. Used Ooba in CT.

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04-11-2019, 03:33 PM,
#9
RE: Bond originator vs direct
Thanks for the reply Kingr

Have been with FNB for about 18 years and bought a few cars through them.
Last car i bought was via MFC(Nedbank) as they came back with the best rates.

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04-11-2019, 11:03 PM,
#10
Bond originator vs direct
I went with a bond originator and also applied to fnb and nedbank myself. Yes the originator was less paperwork but she didn't get the best rate. In fact she wouldn't take the lower rate I got from nedbank back to any of the banks she went to. Maybe I just got a shit agent, but if I ever need to do this again I will apply to all of them my self and negotiate directly with them if necessary.

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05-11-2019, 07:21 AM,
#11
RE: Bond originator vs direct
The bond originator doesn't apply at all banks. And in my case also didn't have the lowest interest rate.

When doing additional applications at sahomeloans, investec and rmb, they all were lower and sahomeloans won.

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05-11-2019, 11:41 AM,
#12
RE: Bond originator vs direct
That's a very good point noted.

The same way used car dealers don't have "dealer codes" with all banks when applying for finance on your behalf.

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05-11-2019, 12:43 PM, (This post was last modified: 05-11-2019, 12:45 PM by MR_Y.)
#13
RE: Bond originator vs direct
Apply through your bank first and then use that to counter all other applications from the other banks.

If your bank claim to not be able to beat another quote, then escalate the issue and say that you have been with the bank for xx years and you are disappointed that they cannot match the lower rate from another bank.

On escalation of the query, your bank will rescore your application and will beat, or at least match,the lowest rate.

It takes time, but it works.

Works for all types of financing, ONLY if you are not blacklisted.

While you're at it, also ask for quotes on bond insurance and again twist your bank's arm to give you the lowest insurance

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05-11-2019, 12:57 PM,
#14
RE: Bond originator vs direct
Thanks for the responses guys.

Have submitted through Ooba and will submit through SA Home loans and with my bank directly.

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