July, 2012

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Fifa South Africa

Worldcup 2010

World Cup 2010 – South Africa, THE WORD is out!

For those of you that have come across this section of our site, you’re a lucky few who are getting the heads up for some specials that we’re running during this FIFA 2010 World Cup.

FOREX Fundi: 2010 World cup Forex transfers and money transfers. Our 2010 special is offering anyone wanting to move money to South Africa or move money from South Africa, the chance of a lifetime. NO TRANSFER FEE’S! That means a currency transfer fee saving of 3% of your total fee! Contact our 2010 Forex Department today!

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Bond Application Form

World’s Quickest Bond Application Form

Are you looking for a bond? Are you looking for a pre-approval? Just fill in the below form and tell us what you’re looking for and the Wizard team will Make Mortgage Magic” in no time. Wizard Midrand are a South African based home loans and mortgage origination company. Being part of the the Loan Link Group, Wizard Midrand can offer you (the client) the most competitive rates in South Africa with some of the highest referral fees available.

Apply online now using our FREE online bond application and pre-appoval form and we’ll give you 0.35% cash in your pocket for every successful bond application you do through Wizard Midrand. Let our Wizard Midrand consultants guide you through the entire bond application process. Please note that we’ve managed to get our famous”World’s Quickest Bond Form” down to a fine art, so all fields are compulsory.

If you’d prefer call us on +27 12 341 2223 or visit our contacts page.

Costs of registering a bond

We all know that there are costs when registering a bond or a home loan in South Africa.

The problem is when you’re a first time buyer or even a second time buyer those hidden bond registration costs are often the ones that can nab you in the “ahem”, unless of course you get proper legal advice.

There are loads of sites on the web that do give a very good breakdown of these costs, but we thought we’d join the masses and give some of our own advice too.

Who knows, maybe we spot something they didn’t. The bond registration costs are: Bond/Registration Costs and Transfers Costs.

The entire process of property transfer involves a number of people, beginning with the seller who will sell his/her home either privately or with the assistance of an Estate Agent. If the property is sold by an estate agent the seller will pay commission to the agent. The amount payable is negotiable but the normal tariff, recommended by the Institute of Estate Agents is 7.5% – this commission will attract VAT as the agent is providing a service to the seller (14%).
The buyer is responsible for the payment of transfer costs and the costs of registering any new mortgage bonds for the property purchased. He/she will also have to pay an inspection fee and initiation fee. Transfer costs include transfer duty and conveyancing fees. Transfer duty is calculated as a percentage of the purchase price and varies depending on the purchaser’s legal status. Bond and transfer costs are always overlooked when buying a property, especially your first one, and should be thoroughly understood . These costs more often than not catch people out and amount to thousand’s of rand’s. Understand them and read this document carefully as they DO affect the total value of the property you are purchasing.

Home Loan Interest Rates

REPO Rate stays unchanged.

Rates remain unchanged.

Gill Marcus decided to leave the rates unchanged. What a pity I thought we were going to start dropping down to the rates that China are currently sitting on. Imagine South Africa’s interest rate sitting at 6%!!!!!

Rates drop – 15%, Is it the beginning of another decrease in rates?

Posted: Jan 13, 2009

Have we seen the start of another decrease in rates for 2009? Lets hope so.

With petrol having dropped by such a huge amount, rates dropping would be a lovely welcome t our current economy.

Our current interest rate is 15%.

 

17% Interest Rate?!? Rate Hike Shock.

Posted: May 29, 2008

Brace yourselves ladies and gentlemen, our good old governor Tito Mboweni has decided that we’re going to be in for a rate shock. With talks of inflation sitting at around 10.4% our country is in some serious financial trouble.

The problem is that South African financial guru’s keep insisting that interest rate hikes are the way to curb inflation. With a country that’s already in so much debt, how can you increase the interest rate. This is not going to curb our inflation, in fact I’ll be surprised if by the end of this year we’re not back at the 25.5% interest rate that we were at in 1998.

This spurt of interest rate hikes and inflation increases have all be spurred on by Eskoms lack of management and ability to provide energy resources to our country along with with the wave of xenophobic attacks that our so called “Rainbow Nation” has decided to embark on. A sad and grave state we find ourselves in at the moment but in w acountry without leadership how can we expect anything else.

 

15% Says Tito Mboweni

Contrary to popular belief and contrary to all SUPER UBER OOBA financial guru’s in South Africa, the repo rate climbs to 11.5%. South Africa’s home loan interest rates now hit a WHOPPING 15%.

Is it time to fix you interest rate??? My answer is yes. I don’t believe it’s going to drop anytime soon and I think fixing interest rates right now is the only option if you’re feeling the brunt and starting to take financial strain.

 

Interest Rates Up Again?

Is it time again. Is South Africa going to feel the kick of another interest rate hike? More importantly can South Africans afford another interest rate hike? Well I’m please to announce that ABSA home loans have come to the foreground. They’re now offering Home Loans @ fixed rates over 10 years. This is a new solution offered by ABSA and I think it’s come just at the right time.

Read the ABSA Home Loans section and found out more about fixed rates!

NEWS FLASH: Interest Rates now 14%

 

Darn it’s hard to believe that the interest rates on 2 years ago were sitting at an incredible rate of 10%. Every thought that with the new credit act in place, it would curb the amount of money that people were spending on credit and thus hopefully curb house hold spending and drop the CPIX rates.

Problem is, food prices are now increasing at almost an uncontrollable rate and South African’s are feeling the pressure with the constant increase in interest rates.

Tito, what are we to do?

 

-3% Below Prime: Why not me?

 

THE BIG QUESTION?

HOW COME EVERYONE IS GETTING THIS FANTASTIC INTEREST RATE? AND I DON’T!!!!!!!

So generally speaking and as a general guideline – how do I get the rates I want?

Every deal is treated differently – Property, client, age, income, deposit etc. So just because your friend gets a rate of -2%…It does not mean you will.

GREAT RATES: -3% below prime – BUT you need to be a staff member of the bank.

VERY GOOD RATES: -2.0 to -2.3% below prime – BUT you need to have well conducted bank accounts, a solid deposit of 20% and more. A larger bond requirement, R 1,500,000.00 and more. Private bank clients. Not many people get this sort of rate concession.

GOOD RATE: -1.35% to -1.95% below prime – REQUIRES you to have well conducted bank accounts (watch those bounced Debit orders), have money for your own costs, preferably be a second time buyer and use your own bank.

WORKABLE RATE: Prime to -1.35% – AS long as you are not a first time buyer wanting costs included (Attorney fees) in the home loan. This is the one that you can always work on to improve as time goes by.

PRIME: Often for first timers who have costs included and even when they have bank rate concessions (Better rates) this only comes into play when you have paid off your costs or your property price has increased.

TOUGH RATE: Anything above prime – GENERALLY this is when exposure is high, or risk is high FOR the BANK of course. Most times you will take it because you have no choice.

FIXED or VARIABLE – What’s the difference?

Variable rate is a rate that moves up when interest rates go up and down when they go down.  So if you have a rate of -1% below prime or 11,5% when the interest rate is 12,5%, then when the rates go to 11,5%(I hope the reserve bank is listening) then your rate will go down to 10,5%.

Fixed Rate is usually quoted for periods of 12 to 24 months and are usually pegged at approximately the same or more than the current interest rate.  Usually more!!!!!

HOW TO IMPROVE MY EXISTING INTEREST RATE?

1. Pay a little more on your monthly payment (Say for 6 months)
2. Go to your branch and show them you are paying more, get a better rate
3. Then repeat this every 6 months

 

SURPRISE YOURSELF…its that simple and the banks love good customers and do reward them.