Private bankers vs bond originators for home finance The pros and cons of applying for a home loan through your private banker the best option, when you have an alternative with bond originators? Article summary Private bankers are the first port of call for many home buyers, but their priority is to get a deal that’s good for their bank, not necessarily for you. A bond originator, also known as a home loan comparison service, can apply to multiple banks on your behalf, and then negotiate with the banks to ensure you get the best rate. A home loan comparison service gets paid a commission by the banks, so their service is completely free to the home buyer. Home buyers have a lot more options available to them now than they did in the old days. No longer are you reliant on your private banker (or previously, the bank manager) for bond approval. Better yet, no longer do you have to go through the rigorous process of applying separately for a home loan to all the major banks. You can
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How foreigners can get a home loan in South Africa Paying a deposit makes everyone involved in the deal breathe a little easier. Article summary Foreigners can invest in property in South Africa as individuals, through joint ownership or by acquiring shares in an entity that owns property. Non-residents must transfer 50% of the purchase price or balance of purchase price, via the Reserve Bank, from their own foreign bank to a South African bank account. A local bank guarantee for the purchase price is necessary if the funds are remitted to South Africa. Otherwise arrangements must be made with the foreign bank and a local bank for a back-to-back guarantee. All foreigners, specifically non-residents, must invest one rand in the country for every rand they need to borrow. Foreigners not resident in South Africa, who are keen to invest in property in South Africa, can do so individually or jointly, or by acquiring shares in a company that is the registered owner of a property! These are