Nedbank slashes bond attorney fees

By Staff Writer
Nedbank has a new offering on their home loan: 30% off on bond attorney fees if you apply through their online portal.

“Buying a home is an important financial commitment. At Nedbank, we understand that the associated costs can escalate, that's why we are offering a 30% discount on your attorney bond registration fees when you apply online for your home loan with us,” said the bank.

How does the 30% discount work?

Tim Akinnusi the head of sales and customer management at Nedbank Home Loans said that the 30% discount is applied to the attorney bond registration fees for all applications submitted online for a new property or further loan with registration.

“These applications must meet the minimum online criteria as specified on our website. The minimum loan size requirements for new property loans is R100 000 and R50 000 for further loans with registration,” he said.

Once the attorneys, which are appointed by Nedbank, attending to the registration of the bond have received all loan documents, they will provide the client with the quote for fees with the 30% discount applied.

Does Nedbank offer pre-approvals on home loans?

Absa indicated in their Homeowners Insights reportthat only 37% of clients received approval on their home loans, making finding that perfect home difficult.

Like Absa, Nedbank does not offer a pre-approval on home loans, but rather offers an instant bond indicator, which provides clients with an immediate indication of their credit and affordability prior to completing a full online application.

“It provides the loan amount the bank is prepared to extend, the deposit required (if applicable) as well as the estimated monthly instalment required. The tool also gives clients a view of the approximate additional costs for the loan amount in question (e.g. transfer duty, attorney fees etc.),” said Akinnusi.

Akinnusi explained that at Nedbank Home Loans they understand that buying a home is an important financial commitment and have introduced tools and service offerings to help their clients navigate through their home buying journey with simplicity and ease.

The tool is available on the Nedbank website, click here.

Terms and conditions

·         The campaign is open to all clients who apply online for a Nedbank first loan or further loan with registration from 01 April 2015 until 31 July 2015.
·         Clients can only apply online for this campaign by accessing the Nedbank Home Loans website.
·         The 30% discount is only applicable upon approval of the home loan and if the approved home loan is taken up by the client.
·         The discount is applied to the attorney bond registration fee only and excludes any other costs (e.g. Deeds office fee; postage & petties etc.)
·         The bond registration attorneys are appointed by Nedbank.
 

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