Don't go the bond originator route

In response to the article on whether it makes sense to use a bond originator, Fin24 user Thinus van Staden shares his negative experience of going the bond originator route. He writes:

Thank you for the opportunity; your writer is 100% correct.

I had a very bad experience, where the intended buyer of my property was “advised” by the estate “agent” to go the bond originator (BO) route - what a mess.

The BO, pun intended, advised the buyer that a particular bank would not grant a bond for the type of property; the BO then submitted his application to one other bank only, without the correct documentation.

Needless to say, the application was declined. I informed all involved in the chain that the deal was off. My bank then asked if they could assist the buyer directly, and it was done and completed successfully.

Now I know that the BO gets a commission from the bank, paid for by the purchaser as per your article, and of course the “agent” also gets a kickback.

I am not easily surprised, but this type of “legal” rip-off must be condemned.

My advice: go direct to your bank!

(I have not given details of the companies and organisations involved, but I have it on record.)

Best regards,
Thinus van Staden

 - Fin24

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