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Payment arrangement


Every account must be analysed individually according to the individual situation e.g. the severity of the arrears on the account will determine the action to be taken. A 'promise to pay' is an arrangement for payment of the repayment in a lump sum. In the absence of full payment then a lump sum with monthly repayments to clear the arrears over a period of time will be determined between the FNB consultant and the customer. A promise to pay will be for a specific date each month and a debit order is a requirement as the repayment will adjust as the rate fluctuates.

Customers are encouraged to make arrangements to repay the arrears amount - from a single lump-sum payment to payment over a period not exceeding 12 months. The arrangement will include the normal monthly repayment plus a percentage of the arrears.

Call 087 730 11 00 or send an email to collarr@fnb.co.za to make your payment arrangement.

*Terms, conditions and rules apply

Quick Sell


Where customers have no income or vastly decreased income and it is clear that they will be unable to rehabilitate, Quick Sell has been designed to assist and support customers in a dignified way to sell their properties through reputable estate agents in the open market.

Benefits exist for the seller including

  • Increased control over the price achieved
  • Reduced estate agent commissions
  • Concessions of up to 25% on the shortfall (difference between selling price and outstanding debt)

This option is far more beneficial to the customer than the alternative which is sale in execution, a legal process where a customers property is attached and sold by the Sheriff of the Court to the highest bidder. In the case of a sale in execution, the property will fetch a far lower price than in a Quick Sell transaction, there will be no concessions and the customer's dignity is rarely left intact.

On Quick Sell private sale properties you get 50% discount on transfer-of-bond attorney fees & 50% off bond registration fees. No transfer duties payable on Quick Sell repossessed properties. Find out more about FNB's Quick Sell Plan.

*Terms, conditions and rules apply

 

Quick Sell Private Sale Properties


Quick Sell private sale properties refers to properties where customers have appointed the bank to market their properties on their behalf through approved estate agents. These properties can be viewed on www.quicksell.co.za .

  • FNB offers buyers up to 100% bonds on all Quick Sell Properties.
  • Buyers receive a 50% discount on attorney fees pertaining to the transfer of the bond and 50% off bond registration fees. (provided both transfer and registration is handled by the FNB appointed attorney).
  • Property rates and taxes (including all arrear amounts in this regard) will be paid by the seller.
  • All properties are sold 'as is'.
  • Only conveyancers on FNB's panel of conveyancers will be used.
  • Where the property is guarded, an appointment must be made with the specific security company prior to viewing the property through the nominated estate agent.
  • All Quick Sell Properties are marketed via a sole mandate through an estate agent as appointed by FNB.
  • Normal credit lending criteria will apply on repossessed properties and Quick Sell properties.

All properties are marketed as Quick Sell properties. Please ask the agent marketing the property whether it is a Quick Sell Private Sale Property, Quick Sell Repossessed Property or a Quick Sell Insolvent Estate Property.

Quick Sell Repossessed Properties


A property becomes a Property in Possession (PIP) or Bank Repossessed Property, once a customer has defaulted and the bank's reserve price was not achieved at auction. These properties can be viewed on www.quicksell.co.za .

  • FNB offers buyers up to 100% bonds on all Quick Sell Properties.
  • Buyers receive a 50% discount on attorney fees pertaining to the transfer of the bond and 50% off bond registration fees. (provided both transfer and registration is handled by the FNB appointed attorney).
  • Property rates and taxes (including all arrear amounts in this regard) will be paid by the seller.
  • All properties are sold 'as is'.
  • Only conveyancers on FNB's panel of conveyancers will be used.
  • Where the property is guarded, an appointment must be made with the specific security company prior to viewing the property through the nominated estate agent.
  • All Quick Sell Properties are marketed via a sole mandate through an estate agent as appointed by FNB.
  • Normal credit lending criteria will apply on Repossessed Properties and Quick Sell Properties.

All properties are marketed as Quick Sell Properties. Please ask the agent marketing the property whether it is a Quick Sell Private Sale Property, Quick Sell Repossessed Property or a Quick Sell Insolvent Estate Property.

Quick Sell Insolvent Estate Property


A property becomes an Insolvent Estate Property where a customer has been sequestrated and the Master of the Supreme Court appoints a liquidator/trustee to manage the estate. These properties can be viewed on www.quicksell.co.za .

General information about insolvent estate properties:

  • A 10% deposit is required to be paid into the trust account of the trustee when the purchase price is between R 1 to R 750 000
  • A 5% deposit is required to be paid into the trust account of the trustee when the purchase price is higher than R 750 000
  • There is no discount on attorney fees as per Quick Sell Private Sale Properties
  • The property is sold 'as is' with no suspense conditions allowed
  • Risk, possession and occupation of the property passes to the purchaser on date of confirmation of the sales agreement by the liquidator/trustee
  • Occupational rental is payable to the estate at a rate of 1% per month on the purchase price
  • The purchaser is responsible to obtain an electrical compliance certificate
  • The sales agreement is subject to approval by the Master of the Supreme Court
  • Guarantees are to be delivered within 30 days of confirmation of the sales agreement by the liquidator/trustee
  • Only the conveyancers on FNB's panel of conveyancers will be used.

All properties are marketed as Quick Sell Properties. Please ask the agent marketing the property whether it is a Quick Sell Private Sale Property, Quick Sell Repossessed Property or a Quick Sell Insolvent Estate Property.

Debt counselling


In certain instances where it is obvious that the expenses far exceed income due to over-indebtedness, the customer may be referred for debt counselling. The benefit to the customer in debt counselling is that the payment proposal will be structured to allow for the upfront settlement of unsecured debt. The home loan payment may be reduced to a minimum of 80% of repayment for this period, followed by increased payment to the home loan so that it repays within the contract period. The debt review process restricts a customers spending habits and builds self discipline.

Any party/ies to a credit agreement that are natural persons can apply for debt counselling. Where a credit provider has already taken steps to enforce their rights under a credit agreement (the sending of a letter in terms of Section 129 of the National Credit Act 34 of 2005); that particular credit agreement will be excluded from debt counselling and arrangements outside of debt counselling need to be confirmed.

To find out more about debt counselling please call 087 730 11 00 or email collarr@fnb.co.za

Quick Fix


Where a customer is unable to meet even the normal monthly repayment or requires an arrangement over a minimum period of 3 months, he/she can be referred to Quick Fix (the special arrangements area) where he/she will be requested to provide:

  • Proof of income for all bond holders (current payslip for an employed customer or management accounts for a self employed customer)
  • Bank statements for the past 3 month's
  • A current municipal account reflecting any arrears
  • A letter from the municipality or body corporate if there is an arrangement in place
  • A detailed income and expenditure statement
  • An application for arrangement

A new valuation of the property will be requested in need to assess the condition and market value of the property and the team will consider the most appropriate arrangement for that particular customer. Credit checks will also be performed to check the accuracy of his disclosure.

Arrangements could be considered from:

  • A reduced payment
  • A payment holiday for a period of maximum 3 months
  • Consolidation of debt - provided there is affordability for the customer to repay the higher bond amount and sufficient equity in the property to repay all FNB debts
  • To find out more about the Quick Fix option please call 087 730 11 00 or email collarr@fnb.co.za

*Terms, conditions and rules apply

Stable repayment option


This repayment method allows you to pay the minimum monthly repayment required.

Add-on repayment choice


If you have adequate funds available, no matter what happens to the interest rates, you can opt to pay a set, additional amount every month.

Add-on repayment choice

This amount is a set amount that you would pay over and above your standard repayment option. For example, if your repayment is R6000.00, you can 'add on' an amount of R500.00, thus making the repayment R6500.00.

If your rate fluctuates, and the repayment increases or decreases, the additional amount of R500.00 will remain regardless of the change in the basic repayment, and your total repayment will adjust. Your total repayment will therefore increase or decrease with fluctuations.

Offered repayment amount


This amount is an offered amount that is greater than the minimum repayment amount required. For example, if your repayment is R6 000 you can 'offer' to pay an amount of R6 500.

If your rate fluctuates, the repayment amount will remain constant until such time as the minimum repayment amount exceeds R6 500. In this instance, the minimum repayment amount will override the R6 500 repayment, and the R6 500 offered amount will no longer exist on the account.

Variable interest rate


This is the standard interest rate option; the interest rate varies in line with movements of the market interest rate.

Variable interest rates may be used in conjunction with:

  • Building Loan
  • Flexi Option
  • Further Loan
  • Future Use
  • Foreign Choice
  • PrePaid
  • Readvance
  • Traditional Home Loan

Fixed interest rate


FNB understands the importance of saving and budgeting, so you have the option to get a fixed interest rate. In this way, you can be assured that your repayments won't go up or down irrespective of interest charges.

This option allows you to fix an interest rate available at a specific point in time. When interest rates are on an upward trend, this option offers stability, as the rates will be fixed for a particular period. A fixed interest rate is an agreement between FNB and the bondholder/s for the outstanding balance at a specific point in time, at an agreed interest rate, for an agreed term. Fixed rates are valid for 24 hours upon quote and if you choose to accept the quoted rate you will need to sign and return the Fixed Rate Variation Agreement before close of business the following day.

How long can I fix my rate for?

12,18,24,36,48 and 60 months.

Benefits of a fixed rate

Having the peace of mind knowing exactly what your monthly bond repayment will be over a set period. Allow more stability to budget more effectively, irrespective of future interest rate hikes and protect your return on investment from interest rate increases.

Qualifying criteria

  • Home Loan account must be in good standing with no arrears amount reflected
  • A variation agreement must be signed by all signatories on acceptance of the option
  • The Home Loan must be registered at time of application

Who is this for?

  • New or existing customers, i.e. individuals, joint bondholders, close corporations, companies or trusts
  • Customers with a home loan greater than R100 000

Exclusions

  • Building loans (only considered on conversion to normal home loan on completion)
  • Flexi option (customers cannot avail of flexi and fixed rate simultaneously as a fixed rate is purchased based on outstanding balance at that particular time)
  • One Account
  • Accounts in arrears, under debt counselling, insolvency or litigation
  • Home loan not yet registered
  • No fixed rates available for accounts with Loan to Value greater than 100%
  • Accounts which are already under cancellation at the time of application

Change your payment options


Choose a suitable repayment option

We're here to help you when making payments become a little more complicated, whether it is difficulty keeping up with repayments, choosing the right rate or repayment option.

 

Difficulty keeping up with your repayments?


We can help you get back on track


FNB's step by step guide to selling a home will help you make the right decisions and help you understand the process.

Falling behind on your home loan is a very serious situation. In all likelihood your home is most valuable possession and by risking it, you stand to lose so much more than with any other kind of bad debt.

We understand that everyone goes through a financial rough patch every now and again, but the worst thing to do is to just ignore the situation. With us, you'll always have options, like making a new payment arrangement, or even selling your property through our Quick Sell plan.

All you need to do is to make a single phone call to 087 730 11 00 or send an email to collarr@fnb.co.za to discuss your options.

The following options are available whilst your account is in arrears

Payment arrangement

Quick Sell

Debt counselling

Quick Fix

Repayment options


Weigh your options and take the first step


FNB's repayment options allow you flexibility and choice - not just in the type of loan you choose, but also in how you choose to pay.

Any funds you pay into your home loan in excess of your monthly repayment will reduce the outstanding balance and you will therefore immediately receive the interest benefit. Your monthly repayment will remain unchanged in order to allow you to easily withdraw the additional (Prepaid) funds when required. The loan will be paid off quicker should you not withdraw these funds. In some cases you may wish to reduce the monthly repayments. In such instances the additional funds are used to reduce the repayment, and will therefore no longer be available for withdrawal as Prepaid funds.

Stable repayment choice

Add-on repayment choice

Offered repayment amount

 

Interest rates


Variable or fixed


Choose between a variable interest rate that fluctuates or a fixed interest rate that offers more stability.