Welcome to GPF Mortgage!
If you’re looking for a FNB home loan and super fast turnaround times you’ve come to the right place.
GPF Mortgage can help you to avoid disappointment, frustration and wasted time by getting your first national bank home loans approved. It’s never been easier…you just sit back and relax and we make sure that your home loan gets approved.
FNB Home Loans: What Options Do You Have?
There are two popular home loans:
- FNB Traditional Home Loan
- FNB Smart Bond
- FNB Bond Plus
- FNB Add Ons (Future Use, Flexi Facility, Further Loan, Pre-Paid, Re-Advance)
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FNB Traditional Home Loan Overview
With FNB’s traditional home loans you can qualify for a 100% home loan. This makes it a great option if you don’t have deposit to put down on a house.
The interest rate you will qualify will be influenced by your credit score, your debt to income ratio, whether you take 100% finance or not.
You can also choose between the standard variable or fixed rate home loan. The variable interest rate loan is very popular in South Africa because your payments may go down if the interest rates fall.
This helps you of course to save money when rates are low, but one drawback is that if the interest rates goes up, so does your bond payments
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What financing options do I have?
You will need a satisfactory credit record with no late payments on your account. Proof of income as always would be needed. Fixed and variable interest rates are available with repayment terms up to 30 years.
You can get a home loan for up to 100% depending on your credit profile. If your record is not that great you might have to pay a deposit to get a home loan. FNB offers variable and fixed rates (12-24 months fixed) and BA-linked interest rates.
Once your bond has been registered and you start making payments into your bond, you can have access to that money again in the form of a re-advance.
If your property increases in value you can also have access to a further bond where you register an additional bond on top of your current bond. You can determine the amount of money you can borrow by subtracting the amount you owe on your home loan from the price of your home.
Another option you have is a Flexi bond facility which gives you access to additional deposits you have made into your mortgage bond.
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FNB Smart Bond Overview
Smart bond is an affordable housing finance solution for borrowers who earn less than R15, 000 per month.
What financing options do I have?
With Smart bond you do not need a deposit, since you can enjoy 100% home loan finance. You also have the option to have a 5-year fixed interest rates so that you know your payments won’t go up or down irrespective of interest rate changes.
If you like to take advantage of interest rate drops you can also apply for a variable rate bond. The minimum home loan amount is R20,000 with a maximum repayment period of 20 years
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FNB Add Ons
The normal home loan conditions apply for all of FNB’s products.
Future Use
With Future Use you can register a bond which is higher than home loan amount you would need in order to create a surplus which can use on a later date.
For example, if you buy a house for R900, 000 and you register a bond of R1.2 million, the additional R300,000 is your Future Use amount. Your monthly repayments would be based on R900,000 of course and not on the registered amount of R1.2 million.
The reason for registering a higher amount is that you can have easy access to additional funds and you don’t have to pay registration fees again.
Flexi Facility
FNB’s Flexi Facility gives you easy access to surplus funds in your bond account 24 hours a day. You can also access funds online by using FNB’s online banking facility. If you deposit extra money into your bond account you can still have access to it when you need it.
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Further Loan
If your property goes up in value you can increase the size of your loan (further loan) by applying for an additional loan on the original registered bond.
Pre-Paid
For a lot of people it is easier to apply for a pre-paid facility that registering a Further Loan or apply for a Re-advance.
You can also use this option if you do not use online banking or you do not qualify for FNB’s Flexi facility. Pre-paid gives you access to any additional money that you have paid into your home loan.
Re-Advance
A re-advance gives you access to the difference between your original registered bond amount and the amount you still owe on your mortgage. For example: If you originally registered a bond for R1.2million and you now owe R600,000, you will have access to R600,000.
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Your Bank Is NOT Going to Save You Money
Banking today is not what banking used to be a few years ago. Back in the old days you could speak to your bank manager if your home loan was declined and maybe he could work out something for you.
But, unfortunately things have changed. Nowadays, your bank manager is not there to help you get your loan through…those days are gone forever.
In fact, banks are actually notorious for giving you an umbrella in summer and then take it away in winter. In other words, when you need them most you’re not getting the help you need.
Besides, these days bank have to do a lot of things such as opening cheque accounts, business and savings accounts, and they’re even selling investments and insurance and so on. They are like a “wholesaler.” But, we at GPF Mortgage are “specialists.” We do one thing and one thing only and that is HOME LOANS.
Don’t be fooled into thinking that your bank local bank consultant is going to try and get you the best interest rate that’s available. It’s not their job to help you, there job is to make more money for their employer of course.
However, when you do your homeloans FNB application we work for you (you are our employer) and we want to get the best deal for you. So, doesn’t it make sense to get a team of top specialists on your side?
Let us do the “fighting” for you and get you the home loan you deserve.
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