Year-on-year house price growth accelerated in June, but in real terms (adjusting for CPI), house prices are still in decline. June 2018 saw the FNB House Price Index growing by a faster 4.1%, year-on-year, up from the previous month’s 3.9%, and from a February 2018 low of 2.9%. Read More
FNB’s October ‘Housing Barometer’ has painted a gloomy picture for SA’s housing prices, but the Cape Town Metro continues to buck the trend. A year ago, the Western Cape was Read More
There can be no doubt that getting a home loan is a tough business. The banks are driven by both National Credit act (NCA) demands to ensure that their lending is ‘responsible’ as well as shareholder demands that losses from non-performing loans are minimized. It follows, therefore, that if an applicant does not meet the bank’s laid down criteria, the loan is declined. End of discussion.
Or is it…?
At Silent Partners, our years of banking experience are continually put to the test by difficult loan applications. We do not accept a ‘decline’ from a bank without a fight. Our customers are our number one priority, and our brand reputation rests on the results that we deliver. All too often, the rigid processes applied by banks results in good applications being rejected because of inflexibility and a belief that the ‘system’ is never wrong. Well, we are upsetting this apple cart. It’s easy to tell a customer that ‘the bank has declined your application’, and then move on to the next application which may be more successful, but we don’t think like that. In fact, we can’t sleep at night if there is an application that is not getting a good response at the banks. So, we fight tooth and nail for every customer.
In February this year, Personal Finance gave some stats on how many home loan applications actually get approved. Only one in three applications were approved, they said was general norm. The article went on to say that Betterlife Home Loans, South Africa’s biggest independent mortgage originator, achieved an average 72% approval rate. Well, we are proud to say that Silent Partners boasts an average 86% approval rate since we started our business and we currently have an unbeatable 100% approval rate so far during 2017.
So, if you are looking to get that home loan approved, you have three choices. You could go to your bank and ask them nicely. That’s one way to make sure that you are not going to get the most competitive response. Alternatively, you could use a Mortgage Originator who will submit your application to multiple banks and feedback multiple bank decisions to you. At least your chances of success are improved somewhat.
The last choice is to get hold of Silent Partners, and know that we will fight every step of the way for you, at multiple banks, because a 100% average approval rate as important to us as it is to you.
Silent Partners – Independent Banking Specialists
Standard Bank is offering an additional concessionary rate discount of 0.2% to selected applicants who do not currently bank at Standard Bank. Selected applicants will be offered this additional concession subject to the following conditions;
- SBSA current account to be opened prior to registration;
- Debit order to run off the newly opened SBSA current account;
- Acceptance of the offer is presented in the signed Concession letter
How much is this really worth? Well, on a 20-year home loan, for every R1 million of loan, the savings to the home owner will be approximately R33,000. The bigger the loan, the bigger the savings.
‘Just another reason to use Silent Partners as your bond originator, and to get the best deals on offer from all of the major banks.
Please feel free to contact us and get your new home loan pre-qualified now. Also speak to us about moving your bond for a better rate if you feel your existing home loan rate is too high.
With a combined total of over 70 years in banking, we can help and guide you through all of your big financial decisions. Whether you are looking for borrowing facilities for your business, or bond finance for your dream house, speak to us. We are ex-senior bankers who ‘know the system’, and we don’t take ‘no’ for an answer easily.
We understand your needs. We understand business. We understand risk.
So, if you are making big decisions, or looking to arrange big transactions, it’s reassuring to know that you can rely on your own ‘Silent Partners’ to ensure the best outcome.