Wizard Financial Services

Why its such a nightmare getting a homeloan in South Africa

Posted by Steven Green on Thu, 19 July, 2012 15:30 PM

If you have been turned down time and again when applying for a home loan, take note – you are not alone. There are ways of increasing your chances of getting that dream home you have had your eye on. You don’t have to fight this on your own; a bond originator will be able to assist, guide and do all the running around on your behalf. It takes a LOT of time and much effort to investigate, submit and compare packages, prices and a whole host of other paraphernalia from a plethora of banking institutions when applying for a bond.

Read further here....

 

2013/2014 South African Budget Speech Summary

Posted by Steven Green on Thu, 19 July, 2012 15:30 PM

It's that time of the year again and Pravin Gordon has managed to shock the nation with the announcement of tax relief for most of us.

Is this all smoke and mirrors and has the 2013/2014 budget speech just made it really tough for the average South African to save money this year?

Read further here....

 

What is a personal loan?

Posted by Mike Haynes on Mon, 23 January 2012 15:05 PM

What is a personal loan and why should you care? Well for ages past we have always been lacking in something. Food, water, shelter, perhaps a warm partner that doesn’t mind the fact you leave the toilet seat up. As with all this and more there has always been a way to procure what you lack. The same could be said of money. You already work 2 jobs, eat noodles for supper 6 days out of 7 and use both sides of the toilet paper to save cash, and yet you still seem to always lack the means to make ends meet. That ideal balance of your current position in life matching your needs has not yet been achieved. All you need is a little extra capital for that big idea you know will work, or some extra money to cover your tuition costs. This is what a personal loan is there for.

But what is a personal loan really?

It can be broken down into the following parts:

  • A personal loan is a debt taken on by an individual, that individual is now a debtor
  • Money is borrowed from a creditor i.e. banks, large financial institutions, private credit providers (read loan shark)
  • The money is paid back to the creditor over a period of time at regular intervals. Normally as often as your salary is deposited
  • The creditors make money by charging you interest on the loan

What is a personal loan’s risk?

Before you take a personal loan you may be thinking what risks are involved. In most scenarios when a personal loan is taken out the creditor asks the debtor if he has collateral. Collateral is the material possessions of the debtor that the creditor uses as insurance against the event the debtor forfeits their payments. In that case the collateral is repossessed and sold off to recover the losses of the creditor. This is called a secured loan.

An unsecured loan is one where the debtor has no collateral and is considered more of a risk. This cause the interest charged on the loan to be much higher.

As long as you have the ability to pay off your debt over time a personal loan is the perfect financial tool for getting ahead. What is a personal loan’s other advantage you may ask. Quite simply as a recorded debtor who pays his loan off in time you cultivate a good credit history. This opens the door for bigger loans later in life.

Contact Wizard today and let us help you.

Apply for PERSONAL LOAN online! Click Here

Nedbank's here...

Posted by Steven Green on Thu, 01 December, 2011 12:05 PM

Nedbank LTV December 2011Currently, banks have loads of repossessed properties on their books and this has led to Nedbank tightening it credit criteria when it comes to home loans. According to the article in Money Web on the 24th of August 2011;

"Nedbank (JSE:NED) is making progress in narrowing its losses in its home loans business, thanks to a better macro-economic environment and the better quality of loans the bank is now writing.Under the Nedbank Retail segment, the home loans business remains the only loss-making unit. However, the bank has managed to reduce the losses by about 53% to R197m in the first-half of June 2011.In the first-half of June 2010 the home loans business reported a loss of R419m”

This led to the decision by Nedbank to lend as follows:
Nedbank Retail Customers:
Loan Amount ≤R1.5m               =   max 100%
Loan Amount >R1.5m – R3m   =    max 90%
Loan Amount >R3m                   =    max 80%
Non-Nedbank Retail Customers:
All Loan Amounts = Max 60%

Only Self- Employed Individuals who have a Primary Business Relationship with Nedbank will be Considered.

Nedbank Home Loans:
SA CITIZEN WORKING ABROAD: Nedbank Retail Customers Only -    Max LTV = 50%
NON-RESIDENT CLIENTS WITH WORK PERMITS: Nedbank Retail Customers Only - Max LTV = 80%
NON-RESIDENT CLIENTS NOT RESIDING OR WORKING IN SOUTH AFRICA: They are not offering.

If you buy a property in possession from them, they are offering a maximum 100% loan.

We can see that Nedbank home loans means business and their credit screening is now much tougher than before.  Word of advice, this is the main reason why you should keep your credit record clean. No late payments, no unpaids on your bank statement and make sure you know your credit record. It may come as a surprise when you want to apply for credit. For more information about the Nedbank lending criteria contact us today and we will assist you.

 

It's all happening at Absa Home Loans

Posted by Micky Mchaelson on Tue, 29 November, 2011 16:05 PM

Absa home loan LTV Decmeber 2011Well this is the 3rd of 4 parts to the newly updated and revised bank lending values.

This time it's ABSA home loans that have given us the latest LTV lending rates.

Highlights from ABSA home loans LTV's:

 

  • For ABSA client's 90% loan offerings right now.

  • New home loans offerings only up to 70% loan. That means a 30% deposit is required for even first time home buyers doing their bond through ABSA.

  • Building Loans offered up to 70% loans, this is slightly lower than the 85% offered by FNB and 90% offered by Std Bank.

  • Vacant land seems to be stuck at 60% at the moment which requires a WHOPPING 40% deposit. (here's a little tip, if you're buying vacant land, try and do it as a building bond to avoid the massive deposit amounts.

 

It's good to have ABSA back on track. We are happy to see that they are finally coming to the party again. We have noticed that their lending has eased up over the last 3 weeks.

This is great news and hopefully it stays this way.

 

 

 

What is FNB home loans currently lending to people?

Posted by Steven Green on Tue, 25 October, 2011 16:40 PM

Fnb home loans December ltv 2011So we've done a little post on Std Bank Home loans lending rates, how could we leave out good old faithful FNB Bank.

We couldn't, so thank you to FNB home loans for providing us with the information with regards to what we can and can't expect from FNB's home loans departments.

Highlights from FNB's home loans LTV's:

 

  • 100% home loans for non FNB and FNB clients. That is brilliant news and just show that there is still hope for us first time buyers.

  • Building Loans offered up to 85% loans, this is slightly lower than Std Bank

  • Unfortunately only up to 60% loans for vacant land. My suggestion if you're buying land, seek a building loan at the same time, it'll save you having to fork out hundreds of thoudands of rands from your savings.

 

I have to admit that FNB bank is one of the few banks in South Africa that actually stuck with the 100% offering through tough times.

Right now, they are Wizard Midrand, bank of choice when it comes to financing.

For more information on FNB Bank, click here.

 

 

Forex & Forex Trading

Posted by Steven Green on Tue, 18 October, 2011 10:40 AM

We're not specialists in forex trading but with our new partnership with Globalfundi finance, we're finding that we're getting more and more queries with regards to forex trading.

So we've put a little section together for you to read and research and find out more about what forex trading is and how you can start with it. Hopefully in the not too distant future our partners Globalfundi will open a trading division to their business.

What Is Standard Bank Home Loans Currently Lending To People

Posted by Lindy Ziyambi on Thu, 13 October, 2011 10:20 AM

Std Bank home loans LTV december 2011Thank you Standard Bank for supplying us with the information required for South Africans. This table to my left stipluates what the current lending amounts and rates are for South Africans wanting to take home loans from Std Bank.

The good news is that if you're a Standard bank client and you apply through Wizard for a home loan with Std bank that you are able to get 100% loan even as a non First time home owner.

Apply for your Std Bank home loan.

As you can see, the higher the purchase price of your property, the lower the home loan % you will receive from the bank.

Std Bank

It's great that Std Bank has come out of it's shell and started offering home loans through the bond origination channel once again.

Having been the number 1 provider of home loans in South Africa in the past, it seems as though Std Banks debt is alot lower than that of any other bank in South Africa right now.

Apply for your Std Bank home loan.

It's possible that by preventing bond originators in the past, may just have helped Std Bank recover from the debt crisis we had over 3 years ago. We have always stood behind Std Bank as Wizard Home Loans. Firstly this post is to all the Std Bank employees in the home loans and mortgage division to say thanks from the Wizard team.

Then to all those who are thinking of applying for a home loans, if you're a Std Bank client, I would highly recommend that you stick with the bank, don't forget using Wizard to apply for your home loan through Std Bank will allows us to do all the tracking, checking and follow ups on your behalf. We save you time and money :).

If you require more information about Std Banks product offerings check out our section dedicated to this bank, alternatively if you would like to apply for a Standard Bank home loan, please contact us today.

Home Loans are BACK!

Posted by Steven Green on Wed, 12 October, 2011 16:33 PM

Recession is OVER!

It's now time to start focusing on bring South African consumers back into the market by showing them that recession is over and it's time to start thinking about your biggest investment you'll ever make. Your home loan.

Interest rates have now not moved for a good couple of months and this is because the South African reserve bank wants us to start reinvesting our money in the right places, OUR COUNTRY.

So, take that cash from out the bottom of your bed and start putting it into something that's going to grow for you. Property prices are at an ALL TIME LOW in South Africa at the moment so take advantage of this. Remember, before the property market turns and prices sky rocket, GET INVESTING TODAY.

If you need some assistance with buying your next house and would like some advice please don't hesitate to call us. Contact our home loans team today.

Have you looked at your credit status lately?

Posted by Lindy Ziyambi on Wed, 12 October, 2011 14:25 PM

Hey SA. Start acting now. Know Your credit status and your credit rating. Wizard Midrand in conjunction with Kudough, now offer you a once in a lifetime opportunity to starting taking a positive stance to improving your credit score.

For more information, read Cleaning Up Your Credit Record

Otherwise - Get a credit check.

African Bank Personal Loans

Posted by Patrick Whitesem on Tue, 11 October, 2011 10:13 AM

African BankAs a preffered partner and suppliers of African Bank personal loans, Wizard Midrand is now offering some great personal loans deals. We've started updating all the content on our site to bring you fresh news that's clean and up to date.

For more information on African Banks Personal Loans please the African Bank Personal Loans section now.

Bridging Finance made simple...

Posted by Chris on Thur, 21 Jul, 2011 10:14 PM

We know how tough it is these days to get a home loan. We know the banks are fighting are arguing their way through everything you do when it comes to finance, whether it be car finance, personal loans finance, home loan finance or even insurance applications.

So what is it that we are Wizard Finance can do to make your lives easier. Have you heard of briding finance, a simple solution to that 80% LTV finance that the banks are currently handing out. NO MONEY FROM HOME LOAN DEPOSITS? Then try bridging finance with Wizard today.

New Fnb Home Personal Loans

Posted by Patrick on Mon, 08 Jun, 2011 16:40 PM

Fnb personal loansWizard home loans is pleased to announce that we're now able to provide you with new information pertaining to FNB personal loans.

If you're looking for a fantastic selection of personal finance or short term loan options then look no further an check out the FNB personal loans addition to our site.

Less Yada Yada, More Ching ching

Posted by Jaxon on Mon, 28 Feb, 2011 12:40 PM

Well I think that insurance companies have the greatest slogans known to mankind, as of course they need or how else will they sell so many darn insurance policies...

Having said this, I'm very excited to say that if you're looking for less YADA YADA and more Ching in your pocket that it's time you found out what your credit status is.

Why should you get a credit report pulled on yourself?

Applying for a home loan - When applying for a home loan, it's the first thing that a bank will check up on. Is this person credit worthy? Well, why not find out before you go through the schlep of applying for this finance?

Applying for a personal loan - These guys are even stricter, but if you know your credit status before applying, you've got the upper hand.

For peace of mind - Surely you would like to know if you are paying your accounts on time, and what your credit status is?

Well, what are you waiting for, for only R60.00 - We can offer you peace of mind with a fantastic full report from all 3 credit bureaus in South Africa.

Click here to apply for a credit check

Start the year off with a money saver

Posted by Bruna on Tue, 27 Jan, 2011 12:40 PM

HAPPY 2011! The year has started off with a bang and why don't you. We all know that finishing a year off can be taxing ont he finances, so why not let WIZARD help you out.

Get a quote from over 9 insurance brokers and we'll make sure you save on your INSURANCE policies today.

Get a life insurance quotes.

Get a short term car insurance quotes.

As the year ends...

Posted by Chris Green on Tue, 20 Dec, 2010 13:40 PM

Well it's been a fabulous year!

I think for all of us 2010 has most definately been a year filled with change, challenges and most of all success and happiness!

From the Wizard Team - we would like to thank all our clients and partners for the continuous support. Looking forward to a very successful and prosperous 2011.

Merry Christmas and Happy New Year!

100% Absa Home Loans - PIP List Availble

Posted by Steven Green on Tue, 11 Oct, 2010 12:40 PM

Absa Home loans offering 100% loans on pip propertiesAnother first by Wizard Midrand home loans, we now bring you the latest in ABSA's properties in possession list.

Please go to our ABSA properties in possession list, click on the latest ABSA pip list. These are all properties that have been repossed by the banks. Should you qualify for a 100% home loan i.e. First time buyer, affordability not a problem & you do the home loan through Wizard Midrand home loans we can get you 100% bond.

SO WHAT ARE YOU WAITING FOR? APPLY TODAY!

Proudly South African - 1 Day to Kick Off

Posted by Steven Green on Tue, 10 Jun, 2010 16:50 PM

Proudly South AfricanIt is not often that we at Wizard home loans can actually say that we're closing office early due to a sporting event. But with the sporting event of this magnitude that is officially opening it's doors tomorrow, we don't really care!

Tomorrow for those of you totally out of touch with life, is the offical opening of the 2010 soccer world cup at the Soccer City stadium in Johannesburg, South Africa. A spectacle that we have not yet been priveledge to in South Africa.

To help celebrate this momentous occassion we're running a different special every 3 days in honour of South Africa and Bafana Bafana.

Any non South African citizen buying a property in South Africa, who uses Wizard Home Loans for the financing will receive a 0.35% CASH BACK offer on the total loan amount granted. So, if you need a home loan today, GET HOLD OF US - 012 341 2223 and speak to Steven.

Up to 30% off insurance quotes through Wizard Home Loans

Posted by Steven Green on Tue, 18 May, 2010 18:20 PM

Apply for insurance quotesWe at Wizard Home loans continue to make magic, except this time it's on the insurance front not the home loan front.

With our new partnerships in place, we at Wizard Insurance Company bring you the chance of a lifetime.

Having partnered with various insurance brokers and companies our insurance partners are able to quote you from over 9 insurance companies. This means that you're almost guaranteed to SAVE yourself up to 30% on your insurance quote.

This saving comes in the form of car insurance, life insurance and even home loan insurance otherwise known as bond insurance.

So what are you waiting for? Get your online insurance quote TODAY and SAVE!

Click here for Car insurance quotes online.

Click here for Life insurance quotes online.

Home Loans, Bring it back to basics

Posted by Steven Green on Tue, 05 May, 2010 19:30 PM

Home Loans - Back to basicsChristina Aquilera says it best. Back to basics.

Well that's exactly what the banks have done. They've brought it back to basics. Before I ramble off about the banks, WELCOME BACK ABSA home loans, we officially have 100% home loans back in South Africa.

SO to give those of you who missed the entire CREDIT CRUNCH a little rundown, South Africa has not had 100% home loans since 2008.

This move by ABSA bank comes 6 months after Standard Bank home loans opened up the doors to their own banking clients offering them 100% home loans if they applied directly with their own bankers. ABSA however seem like they've taken this once step forward and offered this via Bond Origination channels i.e. Wizard Midrand (That's us) allowing ONLY ABSA transaction clients to offer the 100% bonds to.

According to resources, this is open to all ABSA clients, but I have a feeling this 100% home loan offering will be for first time buyers only....

Either which way, congratulations to the banks in South Africa, for keeping their cool, sticking to their guns and giving us South Africans the opportunity to get back into the property market.

VIVA ABSA home loans... let's get back to basics...

Rent out your room for 2010 world cup...

Posted by Steven Green on Tue, 23 February, 2010 13:30 PM

2010 accommodation south africaFor those of you wanting to earn a good extra bit of income for the 2010 world cup, I believe it's time I mentioned South Africa' leading online rental site.

Rent a Room 2010, offers South Africans and non South African the chance to make some money by renting out a room for the 2010 world cup or renting out your property for the 2010 world cup.

If 2010 world cup accommodation is something that interests you, then look no further.

Click here to check out the 2010 accommodation specialists.

Forex forex forever x...

Posted by Steven Green on Wed, 29 January, 2010 14:00 PM

2010, It's time for the world Cup staged in SA and you need to pay for your tickets, send money as a deposit for your accommodation or open a bank account. Be part of the 2010 Soccer World cup.

Using Forex Fundi and our partners GCEN its as simple as ABC.

Send us a mail or call your personal currency dealer on +27 12 341 2223.

OUR DEALERS WILL ASSIST YOU ALL THE WAY!

NO TRANSFER FEES - that’s the gain for you!

BETTER INTEREST RATES - we use our bargaining power to pass the better rate than you can get from your bank - anytime.

GREAT SERVICE

WorldCup Football and you and your money - the winners for 2010 South African World Cup extravaganza.

Pay for your World Cup 2010 rent and accommodation, your world cup 2010 soccer tickets, your 2010 tour, or 2010 travel or 2010 soccer package.  Whatever you do use FOREX FUNDI for your discounted currency transfer - go on treat yourself to some of your own money.  The 2010 world cup is expensive as it is. 

Absa properties in possession

Some great news! Thanks to ABSA's new initiative, we at Wizard now have some great news for ABSA bank clients!

ABSA have announced the availability of 100%

Posted by Steven Green on Wed, 25 November, 2009 14:50 PM

loans to existing ABSA customers who purchase a ABSA distressed property or a ABSA PIP (these are properties in possession).  This product is not available to self-employed applicants or on vacant land loans.  The full qualifying criteria for this 100% loan product is contained within this article - Absa properties in possession.

Nedbank home loans & Fnb home loans - 100% LTV

Posted by Steven Green on Fri, 2 October, 2009 08:02 AM

Let's begin FRIDAY with: WE LOVE YOU FNB & NEDBANK!
You have officially brought the FUN back into home loans...

Fnb Home Loans memo...

Due to the current economic climate, FNB Home Loans has made certain changes to its LTV criteria. These changes will be in effect from 02 October 2009.

Product

Loan To Value (LTV)

Property value

Freehold Residential and Sectional Title

Up to 100%

R 2 million and less

Building Loans

Up to 90%

R 2 million and less

* There will be a LTV adjustment for all properties in excess of R2m.

Kindly note that all new applications submitted prior to 02 October 2009 where an Approval in Principle (AIP) has not been finalised will be assessed in terms of the new LTV criteria, however applications Approved in Principle prior to 02 October 2009 will not be considered under the new LTV criteria.

All loans granted are subject to the Banks acceptable credit criteria, and LTV’s will be based on the lower of cost price or FNB Home Loans valuation.

We will continue to provide up to 100% LTV’s on our Quick Sell properties (www.quicksell.co.za) and Affordable Housing.

We thank you for your continued support and ask that you please communicate the above changes to all your staff and business partners.

 

Nedbank home loans memo...

Nedbank Home Loans will be introducing the following LTV (Loan to Value) changes effective the 29th of September 2009.

29 September 2009 LTV Lending Criteria update: 

Product

Loan To Value (LTV)

Property value

Freehold Residential and Sectional Title

Up to 100%

R 3 million and less

Building Loans

Up to 100%

R 3 million and less

Further Loans 80% Irrespective  

 

Please note that Building Loans will be treated like First Loans, and where a “Building Loan” Further Loan is involved it will be treated as a Further Loan.

Kindly note that 100% LTV offerings are dependent on successful confirmation of a favourable client risk profile. Should a client profile not meet the Bank’s minimum risk criteria, the Bank will reserve the right to decline or issue a lower than 100% LTV.

All changes applicable will relate to residential home loans submitted to Nedbank as of the 29th of September 2009.

Home Loan applications that are currently in the Bank’s system will be processed as per previously communicated LTV rules.

I would kindly request your assistance in distributing the communication to the respective sales channels including aggregation businesses and associated agents.

Please direct all operational queries to your local Nedbank sales representative for immediate assistance.

2nd Mortgage - Spoil yourself

Posted by Steven Green on Wed, 12 September, 2009 08:30 PM

I know I'm going to take some flack for this article, but fortunately enough for me, you cannot comment on this post :). Times have been tough the last couple of months for everyone, and with alot of people starting to free up some of the debt they've run themselves into, they're feeling they need a break.

Why not spoil yourself - treat yourself to a HOLIDAY, maybe a new car, possibly even a little upgrade on your existing house. We all know your wives would love a new kitchen. What better way to do this than using a 2nd mortgage or further loan.

If you're looking for a 2nd mortgage, read up a little about it first.

P.S. Finance management is key!

Home Loan - No hassles!

Posted by Steven Green on Wed, 24 June, 2009 15:02 PM

Readers... In the last few months trends reveal declining house prices - this trend is forecast to continue  for some time to come. The decline in the property recession seems to have hit the Large Home category more then the rest - an indication of the strain experienced in the market for larger and more expensive properties, with buyers focusing on smaller and more affordable homes.  In April this year, the average price of a large home declined by a massive 4% to around R1 340 700 - the biggest decline since September 1985.

All of this of course means that, should you be considering buying property - now could be just the right time to realise that dream.  If you do your homework well you should  enjoy a premium price of property at a really good price.  When you do....be sure to let  Wizard Midrand take care of your Home Loan needs.  You can rely on us for support and assistance that can be invaluable as a Homeowner - together with many value-added benefits that really make you feel at home;

Insurance
Property
Money Transfers
Fractional Ownership
Debt Consolidation
Personal Loans
Bridging Finance

to name just a few!

Whatever the economy looks like, investing in your property is ALWAYS a good move - increasing its value is a way to ensure you get your money back.  It also means that you can live in the Home you really want.  Therefore, if renovations are on the cards, if you'd like to extend your home, build on a new room or revamp your kitchen, your Home Loan is the key......

Contact our dedicated professionals, willing to go the extra mile to make sure that your experience is as convenient and efficient as possible.
And on top of it all - this service is completely FREE of charge.

Contact Steven, Lynne, Bruna or Storm today on 012 341 2223.






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