Home Loans

Home Loans, I hope an expert out there can explain.

I am a 50 year old self employed man, I have a property fully paid off that I will sell and I have investments that adds up to more than the new property I want to purchase. The bond agent and manager of that branch said bluntly, no job no bond, nothing open for discussion. Yet I have the funds available to pay of the bond in a few years once my current property is sold.

A 25 year old, earns R30,000 per month qualifies for R1 000 000 bond. She has no assets, no investments and gets a bond so easily, should she lose her job the bank will just be stuck with the repo property which will be sold at an auction to defray costs. This makes no business sense; an older guy with the capital is turned down, while a youngster with no back up except the property she purchased is awarded a bond. This for me is mind boggling. Don`t get me wrong, I am not saying to banks don`t loan money to youngsters, all I am saying, give unemployed and employed citizens opportunities to get a loan if they can afford it and make payments. Yet, I having assets and investments that is more than the bond I am applying for is turned down because of being unemployed. I have been banking with the bank for 20 years, been a loyal client, investing my money there which they used to make profits off. It hurts because I am losing out on a property I love, I am beginning to lose faith in our banking system, all they are is interested in making money, and it’s not helping their client but milking their clients with bank excessive charges.