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Guide to Finance

 

Financing Your Home


Once you've found that dream home of yours, or even if you've decided to build your own home, the next step is to acquire finance. This is where Betterbond is at your service to ensure that you obtain the best rates possible, with no fuss at all. There's no running around for you to do as you simply have one expert consultant guiding you throughout your home loan application process.

The Process

  • Contact Betterbond

  • Financial Institution will confirm requirements

  • Property Valuation done by bank

  • Decision taken by bank

Registering Your Home

  • Letter of Grant sent to

    1. Betterbond

    2. Estate Agent; and

    3. Customer

     

  • Registration attorney instructed to attend to the registration of the bond

  • Customer to sign documents at two sets of attorneys

    • Transfer

    • Registration

     

  • Home loan registered in buyers name at Deeds Office by registering attorney

  • Registration attorney confirms registration to buyer and financial institution

  • Seller's bond cancelled and settled

  • Amount owing will reflect on buyer's home loan account

  • Bank will confirm monthly installment due in writing

  • First monthly installment due within 30 days of registration date

  • For building loans: First installment due within 30 days after 90% of the loan paid out or occupation

  • Title deed and Mortgage Bond document sent from attorney to bank for safekeeping

more info below.....

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Affordability

 

To ensure that you are able to repay the loan on the purchase of your new home, you will need to take the following into consideration:

  • Your after-tax income

  • Your current and future monthly expenditure

  • Possible increase in the Base Home loan Rate

The Bond Calculator will assist you in determining your monthly bond repayments. It is advisable that you use the Base Home Loan Rate as a benchmark.

You should be in a position to afford repayments at this rate. Consider a 2% rise in the rate and determine your affordability - will you be able to afford an increase in your bond repayments? Naturally, a rate below the Base Home Loan Rate you qualify for is a bonus.

Do not forget about the insurance premium on your home. Add this to your monthly bond repayment to assess your affordability.

 

Bond Options

 

Variable Rate

This is the most conventional interest rate that would apply to most home loans.
The rate quoted is linked to the Base Home Loan Rate and is subject to the fluctuations of this rate.
Your debit order will be adjusted automatically should the rates change.

 

Fixed Rate

This is the rate contracted between you and the bank for a pre-determined term, 12, 18, or 24 months.
A three-month Fixed Rate option is available for those who qualify.

The Fixed Rate will appeal to those who wish to fix their home loan repayments without the influence of the Mortgage Bond Rate, allowing for better budgeting.

 

 

What do we offer you?

 

As a bond originator, Betterbondís function is to acquire home loan applications from estate agents and submit them to banks for approval and processing. We aim to source the best interest rate for you and also offer a free household removal quotation service for all Betterbond clients to make use of. However, Betterbondís value proposition extends way beyond this. Betterbond has an array of value-added offerings available to you.

 

Choice

Restricted to the offering of a single bank, clients of bank mortgages have little choice of product, interest rates and credit terms. Once the interest rate is quoted, it is difficult and often intimidating for clients to negotiate with the bank and "shopping around" is time consuming. Betterbond arbitrage these products and credit criteria to the benefit of the client. Mega trends, such as consumerism, individuation and best advice, ensure the rapid adoption of this attribute of choice by clients.

 

Convenience

Though the banks have largely matched this attribute, Betterbond has national, mobile networks. Allowing the client to conclude without signing the application form has meant that the client no longer has to visit his or her branch and endure the queues, parking and security hassles which are so often associated with this visit. Betterbond concludes transactions over the phone or at a location of the client's convenience.

 

Integrity

The purpose of raising this attribute is not to make a judgement call on which institution, bank or originator, best portrays it but rather to posit that Betterbond as an originator, need only position equal trustworthiness for the client to feel confident to deal with them. This has proved fairly easy for Betterbond as we have recruited most of our sales and service personnel directly from the banks over the years. Clients value bank-trained consultants managing their home loan application.

 

Negotiating Power

As we have catapulted in size, it has been an obvious progression for Betterbond to claim the ability to negotiate better interest rate concessions from the banks for the "little guy". In turn, banks are channel agnostic when it comes to competing on interest rates. Betterbond contracts with banks on the basis that the latter will not apply preferential rates in their own channels e.g. branches, mobile sales forces and virtual platforms.

 

One-Stop Service

Common sense suggests that the Betterbond consultant could provide a one-stop service for the client, namely: home loan finance, life assurance, short-term insurance and bridging finance. However difficult this has proven to achieve in practice, Betterbond is positioning itself for this service and banks seem to be condoning or even encouraging the activity. Entrenched, this service would greatly enhance the image and stature of Betterbond.

 

Electronic Submission

Banks have encouraged the originators to submit digitally, using pricing incentives. Betterbond has obliged and the client has enjoyed the benefit in speed and efficiency. The banks, on the other hand, could engineer seamless, paperless processing. In these integrated systems, the banks could allow Betterbond to access such facilities as their credit scoring and valuation technology to make the process even more efficient.

 

 

 

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