STANDARD BANK - The Appetite for RISK!!!!!
So now we know whats on the table!!!
The Mage!!!
Standard Bank Homeloan Changes to Cost Inclusive offerings, Vacant Land and Loan To Value loans.
In light of current economic circumstances Standard Bank Home Loans has made the following changes with immediate effect
Cost Inclusive loans:
Standard Bank will no longer be offering Cost Inclusive Loans to NON-first time home buyers.
Jumpstart (first time home buyer) loans will be restricted to a maximum loan amount of R1 million (excluding costs).
Vacant Land:
All Vacant Land loans have been restricted to a maximum LTV of 75%.
Standard Bank will also require deposits for higher value loan amounts:
All loan amounts greater than R3 million will be restricted to a maximum LTV of 80%
Seems as though my predictions were incorrect! They're all following suit!!
Do I feel change coming on??? Do you???
Could it be the beginning of some good movement in our ever declining economy. Have the government and our finance ministers finally realised that interest rate increases are not going to solve the economic crisis we find ourselves in!!!!!!!!
Well done Tito on the 0.5% increase in interest rates yesterday.
It's a nice change and a breather for South Africa. Quite frankly I think the banks are a little tired of repossessing all these properties.
Are we now going to see another bold move??? WILL YOU (THE GOVERNMENT) REMOVE THE TAXES FROM OUR FUEL PRICES???
Well, lets wait and see.
CURRENT HOME LOAN INTEREST RATE: 15.5%
So now that OOBA has
fully integrated LOANLINK
into the fold -
OOBALINK
has been born.
Parent and grandparent - OOBALINK and OOBA have established their footprint on the african planet with offspring WIZARD and QUANTRO.
Saul Geffen - OOBA's pappa and Piet de Jongh - OOBALINK's oobappappa both firmly agree, this is the force of the future and the others will always be followers. First as Mortgage Originators, first as MO franchiser's, first with the OOBA Insurance products and first with the best service offering you can get. Good boys!!!!!!!
Not the DODO but the CROCODILE (By the way did you know that the first known contraceptive was crocodile dung, used by Egyptians in 2000 B. C.[Does this explain Crocodile Dung Dee?]!! )- SURVIVING the MORTGAGE JUNGLE and growing, growing and getting better daily.
Strong mortgage originator brands such as WIZARD are now even stronger under the wings of OOBA and the other brand QUANTRO also gets the same kick into life - its great to see.
WIZARD - who are the strongest franchise brand, is run by innovative entrepreneurs and focus 100% on client satisfaction. Like the all the animals in OOBAWORLD, welcome to OOBA LIFE!
Followin on my previous article (Absa Home Loans), I thought I'd share a little more light into Absa's credit lending policy changes.
ABSA have announced that with effect from Monday, 12 May 2008, the following maximum permissible Loan to Value ratio’s will apply:
R0 â€" R800 000 : Maximum LTV = 100%
R800 000 â€" R2.7m: Maximum LTV = 95%
R2.7m â€" R4m: Maximum LTV = 90%
R4m: Maximum LTV = 85%
Vacant Land (irrespective of Loan Amount): Maximum LTV =75%
In circumstances where the applicant is able to cede suitable collateral security to the bond, thereby reducing the risk to the relevant maximum permissible level, ABSA may consider approving a higher loan amount.
ABSA will not entertain any cost inclusive loans, i.e. where the risk will exceed the above maximum LTV’s, with the exception of ABSA’s My Home product, where cost inclusive loans to qualifying applicants will still be considered.
Applications which are in excess of the above permissible LTV levels will not be submitted to ABSA.
ABSA - HOME LOANSURGENT â€" ALL PROPERTY PROFESSIONALS
Hi everyone
Hi everyone
Attached is a summary of the criteria which ABSA are now working. Juggling the act is the name of the game - The appetite for risk has definitely reduced.
Remember â€" LTV means the amount of money being lent against the value of the property.
The Mage is Back!!!
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