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What is a bond originator, and why you should use one

From independent advice to better interest rates, using a bond originator as your personal home-loan consultant comes with some major perks.

What is a bond originator

Article summary

  • A bond originator acts as an intermediary between the home loan applicant and the banks, assisting the applicant in compiling one set of paperwork, then submitting it to all the major banks on their behalf.
  • Bond originators compare offers from up to eight banks in order to get the home buyer the best deal on their bond.
  • Bond originators are paid a commission by the bank, so their service is free to the home loan applicant.

Who wants to school themselves in ratios and amortisations and securitisations when there’s more appealing homework to tackle – like choosing fabric swatches and light fixtures? But before you can hit Builders to canvas the paint aisle you have to get the right financing for your new home.

What is a bond originator?

As the name implies, the role of the bond originator is to procure a bond on your behalf. They essentially act as an intermediary between you and the banks, assisting you in compiling one set of paperwork, and then submitting the home loan application to all the major banks on your behalf.

Note that we said ‘banks’ and not ‘bank’, which is important, because the bond originator does not operate on behalf of any single bank, but rather as an independent agent whose objective is to obtain the best deal for their client. This grants them the freedom to apply to up to eight banks.

Why you should use a bond originator

  • More options: A bond originator will search for a deal that meets your needs. This provides access to a large range of loan options without you having to do any of the legwork. “A bond originator is a very useful partner for the first-time homebuyer,” says ooba home loans CEO Rhys Dyer, who explains that these bond experts will assess your financial situation as part of a ‘needs analysis’, and match your requirements to a wide range of loans from banks and other financial institutions; managing the process right through to settlement.
  • Better rates: The consultant will have access to loan rates as well as fees and charges at his or her fingertips so it’s easier to make a straightforward ‘apples to apples’ comparison of loan costs.
  • Dealing with banks: Consultants also have good relationships with banks, and can often negotiate a very competitive rate. Banks receive a significant amount of business through bond originators so it’s in their best interest to work closely with them.
  • Less paperwork: Going through a bond originator means you complete only one set of paperwork that your home loan expert then submits to all the major banks. If you were to go about obtaining a home loan without a bond originator, you’d have to complete and submit a set of paperwork for each bank.
  • Helpful advice: The consultant’s experience in the home-loan industry will help you make informed decisions and allow you to feel confident throughout the process.
  • It’s free! The best news is that you won’t need to pay your bond originator. Instead, they receive a commission from the bank on the loans they settle.

Why ooba home loans?

South Africa’s leading home loan comparison service, ooba home loans, has good a relationship with all of the country’s biggest banks, placing them in prime position to compare home loan rates and get you the best deal. Home loans is their only business, hence their high success rate when it comes to getting bonds approved (ooba home loans have been successful in securing home loan financing for one in every three applications that are initially turned down by a bank).

Furthermore, ooba home loans makes the home buying process easier by offering a range of home loan calculators that can help you determine exactly what you can afford. Start with ooba home loans’ free, online prequalification tool, the ooba Bond Indicator. Then, once you’ve found a home that meets your requirements, you can apply for a home loan.

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Average rating of 4.86 from over 4 550 reviews

Simply The Best

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.

Tia J

Excellent Service

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.

Brice G

Bond Application

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.

Butana M