Who are the best bond originators in South Africa?
BetterBond, ooba, and MultiNET Home Loans are among the biggest originators in the country.
How do bond originators get paid?
A bond originator doesn’t get paid by you, they get paid by the banks. They’ll provide you with multiple quotes from the banks, but once a home loan is approved, they receive a commission from the bank for a successful deal, rather than charging the client.
What percentage does a bond originator get?
To keep it simple, let’s say the originator commission was 2%, then the originator could pay 1% [anything more than 0.3% was good enough] to the estate agent and keep 1% for their consultant, overheads and profit.
Are bond originators free?
Bond originators are paid a commission by the bank, so their service is free to the home loan applicant.
How much does a bond originator earn in South Africa?
R 420 000 per year
The average bond originator salary in South Africa is R 420 000 per year or R 215 per hour. Entry-level positions start at R 348 000 per year, while most experienced workers make up to R 4 188 000 per year.
How do you apply for a bond?
- Check your affordability. Before you even apply for a loan, check whether the property is affordable, suggests Geldenhuys.
- Get prequalified.
- Check your credit record.
- Submit the correct information.
- Get the best interest rate.
- Use a home loan comparison service.
How is ooba paid?
Like real estate agents, a home loan comparison service such as ooba home loans receives financial compensation in the form of a fee, although in their case, it’s paid by the bank that granted the home loan.
How is OOBA paid?
What do you need to be a bond originator in South Africa?
The career is currently not regulated by the South African government, and you do not require any specific education to qualify as a bond originator, although you will need to be able to demonstrate an understanding of the bond registration process.
What documents are needed for a bond?
Supporting documentation for your bond application
- your ID books;
- your latest payslips;
- bank statements for the previous three months;
- proof of any housing subsidies, commission or regular paid overtime;
- your marriage certificate or ante-nuptial contract, if applicable;
- a summary of your monthly expenses; and.
How long does it take to get a bond approval?
Generally the following guidelines apply: – A cash transaction: approximately six weeks. – A sale that is contingent on the purchaser applying for and being granted a bond: approximately twelve weeks.
What happens when a bond is paid off?
You’re Liable for Bond Cancellation If you pay off your bond early, you’re also liable for bond cancellation fees that could be charged on the additional interest. However, this only applies if you fail to notify your bank 90 days in advance that you’re planning to close your home loan account.