Insta Home Loans

Finding the right home is only one step in the process towards becoming a homeowner. When starting the house-hunting journey, first-time buyers are likely to encounter many terms and concepts that they may never have encountered before.

Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett explains that while some may find this a rather overwhelming undertaking, leaning on the guidance of a knowledgeable professional will make it a far less daunting experience.

To help first-time buyers become better acquainted with some of the key terms and concepts they will encounter on their journey towards homeownership, RE/MAX of Southern Africa explains three key concepts that are crucial for the success of any real estate purchase.

1. Bond originators & pre-approval
Unless you have applied for a bond before, you might not have come across these terms before. Essentially, a bond originator is a service that helps you get the best offer on your home loan at no cost to you. A bond originator will complete the bond applications based on the information you submit and will then gather quotes from various banks on your behalf. The bank that grants the home loan will pay the bond originator a fee once the bond is registered. This means that you receive this service at no cost, saving you the hassle of shopping around and having to submit applications at each of the various banks.

A crucial step that many buyers overlook is getting pre-approval for home finance. The pre-qualification will state the bond amount for which you qualify along with the corresponding instalment amount, which provides buyers with a true indication of what they can afford. To apply for pre-approval, buyers will need their latest payslip, three months’ worth of bank statements, and a copy of their ID on hand and the whole process can be done online. However, buyers should be cautioned that these amounts are only 100% finalised after the bank has completed a property valuation and has received a signed Offer to Purchase on a property.

2. OTP & suspensive Conditions
Before casually singing an offer to purchase (OTP) on the first property you see, buyers are reminded that an OTP is a legally binding agreement that lays out the terms and conditions of the property transaction between the buyer and seller. Once signed by both parties, the house is as good as yours, pending any suspensive conditions that will need to be met, so signing this document should not be undertaken lightly.

Essentially, a suspensive condition is something that needs to happen before the sale can go through. For example, it is fairly common to submit an offer on condition of the sale of the property you already own or pending bond approval. In these cases, the OTP will include a suspensive condition, which will normally include an agreed-upon time limit to meet that condition. Once met, the OTP can be made unconditional and the sales can proceed. If it is not met within the allocated timeframe, the whole transaction can become null and void.

3. Transfer Process & Costs
Once the OTP has been made unconditional, the title deed of the home will now need to be transferred from the seller to the buyer. The seller usually appoints the transfer attorneys (who normally come recommended by the seller’s real estate professional). The seller’s real estate agent sends the sale agreement to the transferring attorney, who will basically take care of the rest of the process.

As a buyer, it is important to be aware of the costs that you will become liable for at this stage of the sale. As a rule of thumb, you should allow for between 8% and 10% of the purchase price of the property for all the other costs involved in purchasing a property, including transfer duty, transfer costs, and other legal fees. Usually, one of the biggest costs is the transfer duty, which is a tax levied on the sale of a property and is payable by the buyer to the SA Revenue Service (SARS) when the property is transferred from the existing owner to the new owner.

“Understanding and preparing for everything involved in the home buying process will ensure that it all progresses successfully, making the journey of owning your dream home more exciting and less stressful. If you’re still unclear on any of these concepts, reach out to a local agent who can offer further guidance and provide you with trustworthy advice around homeownership,” Goslett concludes.

Writer : Kayla Ferguson

Fantastic opportunity for a Bond Originator / Home Loan Consultant to join a young and dynamic Mortgage Origination Company.

The ideal candidate will have 1+ years’ related experience and a proven track record.

Candidate Profile Description and Requirements:

The ideal candidate will be someone who has the following qualifications, experience and characteristics:

Min 1 years mortgage bond experience

Excellent administration
Ability to work well and perform under pressure
Proficient in English and Afrikaans
Well-presented and professional
Professional/proven communication skills
Excellent attention to detail, strong analytical skills, and ability to multi-task
Excellent Time Management and Planning skills
Willing to take initiative to deliver results
Key Responsibilities

Obtaining financial information, affordability assessments, and process bond applications
Thoroughly complete application forms, capture and submit applications to specified financial institutions through Deal Maker
Follow up with banks regarding applications submitted
Follow up with leads on a daily basis.
Give daily / regular feedback to clients
Motivate denied applications, rate appeals with banks to ensure the best possible outcome
Applications granted are finalized within the given time period
Regular updating of CRM
Ad hoc tasks as requested from management

HOW TO APPLY

Ensure you meet all the requirements
Remember to attach your CV
Only short-listed candidates will be contacted
Should you not be contacted by a consultant within 2 weeks, please consider your application as unsuccessful.

Expected Start Date: 2021/10/01

Job Types: Full-time, Basic + Commission, Permanent

Salary: R8,500.00 - R25,000.00 per month

Ability to commute/relocate:

Goodwood, Western Cape: Reliably commute or planning to relocate before starting work (Preferred)

Up to 12 people can now apply for a single FNB home loan

FNB has launched a stokvel-type of home-loan product, "an industry first" in SA's property lending market.

The bank's new collective home loan is an attempt to help solve the challenge of the chronic shortage of affordable housing in SA.

Many factors contribute to the problem, including that new housing stock is too expensive for many people, as well as the perceived risk of lending to middle low-income consumers.

FNB's product seeks to solve the financing challenge. The bank will allow as many as 12 people to come together to apply for a bond. Buyers can team up with eight people, including spouses, when applying through digital channels - or 12 if they apply in a branch through a sales consultant.

The group can collectively decide how much each person will contribute towards the monthly instalment, and FNB said it can easily split the monthly debit order to suit the group's needs.

Even though the product primarily wants to solve the challenge of financing affordable housing, FNB said it has designed it to serve more affluent customers too.

Why collective buying?

"We know that this is something that is already happening. We know of stokvels, people buying properties together to enable access into homes. So, the collective buying value proposition was born from that," said FNB Home Finance Growth Head Mfundo Mabaso.

He said because associating in groups is something South Africans love and do a lot of through stokvels, as well as burial and investment societies, it seemed like a sensible solution to bring to the mortgage space to enable affordability and homeownership.

Mabaso said FNB spent some time testing whether this would work. Its observation of long-term trends confirmed that people who jointly apply for bonds have higher chances of getting approvals.

Mabaso said another observation was that buyers in the low end of the market are generally looking for family homes. Many are collectively buying it as siblings or are co-applicants with their parents.

Vanashree Naidoo, product head of FNB Private Bank Lending, said this product also aims to give low-income earners comfort that should something go wrong, like retrenchment, they will have some financial cushioning and possibly avoid losing the roof over their heads.

Risks and responsibilities

Importantly, once signed, a collective home loan will be a credit agreement like any other. So, applicants will need to go into it with people they really trust and those with strong credit profiles.

Insta Home Loans now takes appointments on their Page.

Insta Home Loans updated their phone number.

Insta Home Loans updated their business hours.

Insta Home Loans updated their website address.