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What does ‘total once-off cost’ mean?

A once-off cost refers to the fees pertaining to the home loan that you will only need to pay once, as opposed to the home loan and interest which is paid monthly.

Such once-off fees include bond registration, transfer costs, and transfer duty.

Bond registration is paid to the attorney hired by the bank to register the bond in your name.

Transfer costs are paid to the conveyancing attorney who transfers the bond from the previous owner to you.

Transfer duty is a tax on the transfer costs, paid to SARS. Homes that cost below R1 100 000 are exempt.

All these costs are fixed, with the rate dependent on the cost of the home loan.

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Ooba home loans services are simply the best. My Consultant Bianca Dancer was so hands on and helpful from the get go. She guided me through the entire process and put me at ease being a first time buyer. I highly recommend their services.

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Jay Govender and Maleshini Reddy from OOBA provided outstanding assistance and guidance in securing our home loan. Response times were excellent and they were professional and friendly.

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Estelle Vorster was really helpful in securing the best deal for my home loan, she not only negotiated a lower interest rate she went as far as securing 50% discount on the transfer costs.

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