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What is a bond originator? |
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A bond originator is a person/company that applies for a bond (home loan) on your behalf. They give bond advice, do the paperwork, go to the various banks or financial institutions on your behalf and negotiate the best home loan terms for you. |
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What difference would there be if I arrange my own financing through my bank? |
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You will have to pay all the bond registration fees. |
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Why use Abfin and not another bond originator? |
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Bond originators have been around for many years without offering the client anything more than just convenience and good service. Abfin was the one of the first bond originator to break out of this mould by adding real value and give something back to clients by paying their bond registration fees. We pay up to 50 percent of the bond registration fees! |
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What do I have to pay Abfin for their services? |
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Nothing. Not only does Abfin facilitate the bond application process for free, we also pay your bond registration fees just for doing business with us. The bank pays Abfin commission for placing business with them. This commission comes out of the bank's own pocket and is not taken from your home loan in any way. |
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Why does Abfin pay up to 50% of my bond registration fees on my behalf? |
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Just to say thank you for your business. Banks pay us commission to place business with them and we share this with our clients. |
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What is included with the bond registration fees? |
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Attorney fees
Post & Petties
Deeds Office levy
FICA fees
Clearance fees |
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What bond fees remain my responsibility? |
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Only 50% of the bond registration fees
Bank assessment fees
Bank initiation fees |
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What costs are involved in purchasing a property? |
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Transfer duty (a tax payable to SARS)
Estate agent commission (this should be included in the purchase price)
Attorney fees for lodging the transfer in the Deeds Office (Abfin can save you 50% on these fees)
Attorney fees for registering a bond over the property (Abfin pays this on your behalf)
Bank assessment fees
Bank initiation fees |
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Can I make use of my own attorney for the bond registration? |
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Unfortunately not. Abfin has packaged a deal with a panel of attorneys in order to pay up to 50% of the bond registration fees on your behalf. |
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Can I get discount on the attorney fees for lodging the transfer in the Deeds Office if I make use of Abfin? |
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Yes. Abfin has gone further than just the bond registration process and also negotiated a deal with a panel of attorneys to give you 50% discount on these fees. |
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Do I need to take out a mortgage assurance policy if I take out a bond through Abfin? |
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No. The option to take out mortgage guaranteed assurance remains with you the individual. Should you decide to purchase such assurance, we will gladly assist you in the process. |
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Will I be guaranteed to get prime less 2% interest if I take out a bond through Abfin? |
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No. Banks will offer you a rate based on your income, credit record, security and the value of the bond compared to the value of the property. We are generally, however, able to secure better rates than what an individual can negotiate on his/her own behalf due to the fact that we place bulk business. Having said this, many of our clients are currently still offered prime less 2% interest. |
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What financial institutions are backing Abfin? |
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ABSA, First National Bank, Standard Bank, Nedbank. |
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I do not want to buy a property in my own name, but rather in a separate entity. Can I still make use of Abfin? |
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Yes. |
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I want to build a house. Can Abfin assist with building loans as well? |
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Yes. We will still pay part of your bond registration fees. |
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I do not have a clean credit record. Can I still apply for a bond through Abfin? |
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Yes, the banks may not but we can send a motivation letter. |
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Can I make use of Abfin irrespective of where I live? |
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Yes. Foreign nationals are generally granted loans of up to 50% of the purchase price while foreign nationals, in possession of a valid work permit and living in South Africa , can qualify for loans of up to 90% of the purchase price. These restrictions do not apply to South Africans living abroad. |
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I want to increase my bond facility. Can Abfin help me? |
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Yes. A higher bond facility is registered over your property with accompanying attorney fees. We once again undertake to pay part of the bond registration fees on your behalf. |
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I want to transfer my home loan account to another financial institution. Can Abfin help me? |
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Yes. We can. |
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Through our negotiations with various parties, we receive the same level of commission from all the banks, so we would not be able to give prejudiced advice. |
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I want to buy property but the estate agent/developer wants to force me to make use of a specific bond originator that does not pay the bond registration fees on my behalf. What can I do? |
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You have the right to refuse to make use of a specific bond originator. Sometimes a developer writes it into the “offer to purchase” that you have to make use of a specific bond originator (because they receive kickback commission that could have been used to pay your bond registration fees). Even though we are of the opinion that it is not legally enforceable even if you sign such a contract, we would suggest that you rather delete the appropriate section and sign next to it. We believe that almost all developers will accept such a change. |
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I want to apply for a bond using Abfin. What are the steps? |
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Contact us – phone, e-mail, web site
We will assist you in completing an application form
We will require certain documents from you (offer to purchase agreement, a copy of your ID document and proof of income)
We will submit all of these to the various banks on your behalf
We will negotiate the best rates and terms with the banks
We will present the feedback from the various banks within about 4 business days
You decide on the terms which suit you best
We finalise the agreement with the specific bank
The attorneys will contact you to arrange for you to sign the relevant documents
Remember: We will drive and facilitate the whole process on your behalf |
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How long will the complete home loan application process take? |
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It was 15 days. NOW it only takes 10 days! |
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When will I hear from Abfin after I submitted my one minute online application form? |
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We will get back to you within 24 hours.. |
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How do I get RSS feeds? |
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In general, the first thing you need is something called a news reader.Once you have chosen a news reader, all you have to do is to decide what content you want it to receive. There are many different versions, some of which are accessed using a browser, and some of which are downloadable applications. |
