Bond Originator Tricks
Recently it has been said than more and more bond originators are charging clients with extra costs, which is illegal. This shocked me as I realized then, that this is something that happens often in South Africa.
Anthony Smook, managing director of a mortgage loans said that, in the recent weeks he had come across three cases where origination consultants are invoicing clients for fees to obtain a bond for them.
Legally, the only way when a bond originator is able to charge their clients for extra fees, is when the bank is not paying any commission to the bond originator. The Bond Originator then has to put this into writing before he/she goes through with the application. If he does not then the applicant should demand to know why not.
So whenever you are applying for a home loan, be sure to ask the necessary questions to your bond originator so you don’t get ripped off like a lot of the other people out there.
If you need more questions on the subject you can contact SecuBond at 086 111 5024 ext 101
SA Homeloan & Property Blog 
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