One of the main attributes for success or achievement is sheer determination and persistence.
This is the characteristic that underpins nearly every success story. You will struggle to find a single example of great achievement that has not involved determination and persistence.
John Calvin Coolidge, the 30th President of the United States (1923 - 1929) understood the power of determination and persistence when he said:
"Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination are omnipotent. The slogan "press on" has solved and always will solve the problems of the human race."
- From SAMO Newsletter - Nov 2007
Monday, November 26, 2007
Mortgage Originators must ensure the best possible advice to their clients
- Over the past few months, the property industry has experienced a slow-down compared to the same period last year and even during the first few months of this year.
- The main reasons for the slow down is the introduction of the new National Credit Act (NCA) in June 2007, the usual seasonal slow-down during the winter months and a total interest rate hike of 350 basis points since the middle of 2006.
- Although there was a mild recovery during July and August 2007, which could be attributed to the market players’ efforts to adopt to the new rules set by the NCA, the steadily increase in interest rate probably had the biggest impact on the slowing down of the property market over the past few months.
- The Reserve Bank made it quite clear that they will continue to increase the interest rates as an instrument to keep rising inflation under control. According to many economists, this might mean as much as 3 more interest hikes of 50 basis points in the near future. The upside of this strategy of the Reserve Bank is that the interest rate is measured against the current inflation rate and not the exchange rate as before. This means that it is unlikely that the interest rate will reach the 20% level as it had a few years ago.
- The rising interest rates had a particular negative impact on the first-time buyers market as well as those home owners who were already stretched to afford their monthly bond installments.
- Mortgage originators should advise first-time home buyers that interest rates are likely to rise again in the near future and that they should not over-commit on their first purchase. They will also be well advised to buy smaller, more affordable houses in areas with higher capital growth projections in order to accumulate wealth and to gradually work their way up in the property market.
- Gavin Opperman, ABSA Home Loans Managing Executive, expects that, although less 5 % of South Africa’s total mortgage loans have fixed rate terms, more people will opt for a fixed rate in order to protect them against further rate hikes. Mortgage Originators should also take note of the significant improvement in fixed interest rates offered by the banks when advising first time home buyers and those already under pressure to afford their home loans.
- In recent years, the market experienced a massive growth in the buy-to-let market. However, the continues slow down in the capital growth of properties in 2007, the over supply of rental properties in recent times that pushed rental prices down as well as the interest rate hikes, have put more pressure on those individual with more than one bond to pay. Given the new fixed rate options, those individuals might also be well advised to look at fixed rate bonds.
- However, it is not all doom and gloom. Two major factors that also drive the property market, is our GDP that consistently stays above 5%, and also the population growth. According to some, we have also only seen the tip of the so called “black diamond” generation entering the property market.
- Further to that, ABSAs house price index forecasts property growth over the next year at approximately 10%. Although it is much less than what we have become accustomed to over recent years, the property market still remains a good investment.
- Looking at recent publications on the forecast of the local property market, many economists remain positive on the prospects of a turn for the better in the second half of 2008.
By Theuns Hanekom - CEO SAMO
- The main reasons for the slow down is the introduction of the new National Credit Act (NCA) in June 2007, the usual seasonal slow-down during the winter months and a total interest rate hike of 350 basis points since the middle of 2006.
- Although there was a mild recovery during July and August 2007, which could be attributed to the market players’ efforts to adopt to the new rules set by the NCA, the steadily increase in interest rate probably had the biggest impact on the slowing down of the property market over the past few months.
- The Reserve Bank made it quite clear that they will continue to increase the interest rates as an instrument to keep rising inflation under control. According to many economists, this might mean as much as 3 more interest hikes of 50 basis points in the near future. The upside of this strategy of the Reserve Bank is that the interest rate is measured against the current inflation rate and not the exchange rate as before. This means that it is unlikely that the interest rate will reach the 20% level as it had a few years ago.
- The rising interest rates had a particular negative impact on the first-time buyers market as well as those home owners who were already stretched to afford their monthly bond installments.
- Mortgage originators should advise first-time home buyers that interest rates are likely to rise again in the near future and that they should not over-commit on their first purchase. They will also be well advised to buy smaller, more affordable houses in areas with higher capital growth projections in order to accumulate wealth and to gradually work their way up in the property market.
- Gavin Opperman, ABSA Home Loans Managing Executive, expects that, although less 5 % of South Africa’s total mortgage loans have fixed rate terms, more people will opt for a fixed rate in order to protect them against further rate hikes. Mortgage Originators should also take note of the significant improvement in fixed interest rates offered by the banks when advising first time home buyers and those already under pressure to afford their home loans.
- In recent years, the market experienced a massive growth in the buy-to-let market. However, the continues slow down in the capital growth of properties in 2007, the over supply of rental properties in recent times that pushed rental prices down as well as the interest rate hikes, have put more pressure on those individual with more than one bond to pay. Given the new fixed rate options, those individuals might also be well advised to look at fixed rate bonds.
- However, it is not all doom and gloom. Two major factors that also drive the property market, is our GDP that consistently stays above 5%, and also the population growth. According to some, we have also only seen the tip of the so called “black diamond” generation entering the property market.
- Further to that, ABSAs house price index forecasts property growth over the next year at approximately 10%. Although it is much less than what we have become accustomed to over recent years, the property market still remains a good investment.
- Looking at recent publications on the forecast of the local property market, many economists remain positive on the prospects of a turn for the better in the second half of 2008.
By Theuns Hanekom - CEO SAMO
Sunday, November 25, 2007
Friday, November 23, 2007
Recommendation
LinkedIn Recommendations
Peet Mocke has endorsed your work as Home Loans Consultant at Absa Bank.
Dear Vania,I've written this recommendation of your work to share with other LinkedIn users.
Details of the Recommendation:
"I've worked with Vania for more than 2 years now. She's done quite a few deals for me and was always prepared to go the extra mile for me and other clients. She does very profesional work and get things done quickly and right the first time. I love to do business with her as she makes everything as painless as possible"Service Category: Mortgage Manager
Year first hired: 2005 (hired more than once)
Top Qualities: Great Results, Expert, High Integrity
Thursday, November 22, 2007
New National Credit Act
Irrespective of income and size of the credit agreement the NATIONAL CREDIT ACT applies to the following customers;
Individuals –Sole Proprietors-Trusts (this is where the trust consists of two or less individual trustees and neither trustee is a Partnership/an Association or other Body Corporate.)
The National Credit Act does not apply to the following customers;
A partnership
Association
Body corporate
Body unincorporated
Trust with three or more individual trustees
Any sized trust where an individual trustee is a partnership an association or other body corporate or other body unincorporated.
ASSESSMENT DOCUMENTATION :
SOLE PROPRIETORS AND TRUSTS
Balance sheet and income statement.
If new venture or business – financials are less than six months old a six month cash flow projection needs to be provided.
ALL INDIVIDUALS/SURITIES
Marital status documents
One pay slip and proof of variable income for three months e.g. commission/overtime/and any other non-fixed income.
Three months Bank statements for all external applicants
Fixed monthly income should include the payslip items;
Basic salary
Car allowance
Housing subsidy
Sundry income includes the following
Rental income-(copy of the lease agreement and three months bank statements to support this income)
Average commission
Average overtime
Interest income
Dividend income
Maintenance income
Individuals –Sole Proprietors-Trusts (this is where the trust consists of two or less individual trustees and neither trustee is a Partnership/an Association or other Body Corporate.)
The National Credit Act does not apply to the following customers;
A partnership
Association
Body corporate
Body unincorporated
Trust with three or more individual trustees
Any sized trust where an individual trustee is a partnership an association or other body corporate or other body unincorporated.
ASSESSMENT DOCUMENTATION :
SOLE PROPRIETORS AND TRUSTS
Balance sheet and income statement.
If new venture or business – financials are less than six months old a six month cash flow projection needs to be provided.
ALL INDIVIDUALS/SURITIES
Marital status documents
One pay slip and proof of variable income for three months e.g. commission/overtime/and any other non-fixed income.
Three months Bank statements for all external applicants
Fixed monthly income should include the payslip items;
Basic salary
Car allowance
Housing subsidy
Sundry income includes the following
Rental income-(copy of the lease agreement and three months bank statements to support this income)
Average commission
Average overtime
Interest income
Dividend income
Maintenance income
Wednesday, November 21, 2007
Linkedin.com
Please visit my profile on http://www.linkedin.com/
LinkedIn Recommendations
Jonathan Baker has endorsed your work as Owner at bondapply.com.
Dear Vania,I've written this recommendation of your work to share with other LinkedIn users.
Details of the Recommendation:"Vania never ceases to amaze me every time I deal with her. She does her work passionately and sincerely and strives to meet all your needs as efficiently as only she can. I have dealt with others in the business, but nobody tops her. Well done Vania and keep up the excellent work! I know we will work together again in the near future!"
Service Category: Financial AdvisorYear first hired: 2007 (hired more than once)
Top Qualities: Great Results, High Integrity, Creative
Sunday, November 18, 2007
Capital Gains Tax
1. What are capital gains and losses?
A capital gain is the profit you make when you dispose of an asset, such as shares, a property or unit trusts. Profit takes into account the cost to you of the asset, plus the cost of anything you have don’t to make the asset more valuable. You will only be taxed on that part of the capital gain which accrues after the tax kicks in on October 1 2003. Say, you bought shares in October 1980 and sold them in October 2003. You will pay tax only on the increase on the price of the shares between October 2001 and October 2003.
2. What is not affected by the tax?
The property you live in, unless you make a gain of more than R1 million or unless it is bigger than two hectares;
Your car, unless you use it for business purposes;
Clothes, jewellery, stamps, art works, antiques, collectors’ coins and other personal effects;
Lump sums from your pension, provident or retirement annuity funds;
Lump sums from endowments; compensation for injury, illness or defamation;
Winnings on the national lottery, the horses or from a casino;
Any gain you make when you exchanges foreign currency for rands when you come back from an overseas trip; and
A gain of up to R500 000 on the sale of the assets of your small business when you retire.
3. What is affected?
Shares;
Unit trusts;
Land;
Property you do not use as your primary residence (and that means rights to property as well);
Large boats and aircraft;
Plant and machinery;
Krugerrands;
Mineral rights; and
All other assets except those specifically excluded
4. What is the tax rate?
You will declare capital gains as part of your normal income tax return. As an individual, you will be taxed on one quarter of your aggregate capital gains – the total of all the capital gains you make in a year, less any capital losses.
The first R10 000 of your aggregate capital gain or loss is disregarded. On the rest of your gain, you will be taxed at your marginal rate (the highest rate of tax you pay on your income). For example, if you are on the top marginal rate of 42 percent and make a capital gain of R20 000, your CGT would be calculated as follows:
R20 000 less R10 000 = R10 000; divide by one quarter = R2 500; tax at 42 percent = R1 050.
You can offset capital losses against capital gains, but you cannot offset capital losses against them.
5. What is the object of the tax?
The main point of introducing CGT is not to raise money, the South African Revenue Service says. The tax is expected to bring relatively small amounts into the government’s piggy-bank – R200 million in the first years and between R1 billion and R2 billion a year in time. Rather, the tax is designed to plug holes in the tax system. In the absence of a capital gains tax, sophisticated taxpayers can convert income (which is taxable) into capital gains (which are not) and this erodes the country’s tax base. Many other countries have CGT.
6. What is base cost?
Capital gains are the difference between the base cost of the asset and the sum you get on sale or disposal.
Base cost includes:
Acquisition costs – what you paid in order to acquire the asset;
Costs associated with acquisition and disposal – for example, legal fees, agent’s commission, stamp duty, advertising costs, broker’s fees, transfer duty, conveyancing;
VAT;
Improvement costs – what you spent on improving the value of the asset; and
Any legal costs you incurred. For example, if you had to fight a court battle to maintain your right to an asset you already owned.
You are not allowed to claim current expenses, such as insurance, repairs and interest on a loan, as base costs. But if you bought a second home and sold it at a profit, for the purposes of calculating a CGT liability you would be able to claim the price of the house, any improvements (not repairs) you made and the estate agent’s commission on the sale.
A capital gain is the profit you make when you dispose of an asset, such as shares, a property or unit trusts. Profit takes into account the cost to you of the asset, plus the cost of anything you have don’t to make the asset more valuable. You will only be taxed on that part of the capital gain which accrues after the tax kicks in on October 1 2003. Say, you bought shares in October 1980 and sold them in October 2003. You will pay tax only on the increase on the price of the shares between October 2001 and October 2003.
2. What is not affected by the tax?
The property you live in, unless you make a gain of more than R1 million or unless it is bigger than two hectares;
Your car, unless you use it for business purposes;
Clothes, jewellery, stamps, art works, antiques, collectors’ coins and other personal effects;
Lump sums from your pension, provident or retirement annuity funds;
Lump sums from endowments; compensation for injury, illness or defamation;
Winnings on the national lottery, the horses or from a casino;
Any gain you make when you exchanges foreign currency for rands when you come back from an overseas trip; and
A gain of up to R500 000 on the sale of the assets of your small business when you retire.
3. What is affected?
Shares;
Unit trusts;
Land;
Property you do not use as your primary residence (and that means rights to property as well);
Large boats and aircraft;
Plant and machinery;
Krugerrands;
Mineral rights; and
All other assets except those specifically excluded
4. What is the tax rate?
You will declare capital gains as part of your normal income tax return. As an individual, you will be taxed on one quarter of your aggregate capital gains – the total of all the capital gains you make in a year, less any capital losses.
The first R10 000 of your aggregate capital gain or loss is disregarded. On the rest of your gain, you will be taxed at your marginal rate (the highest rate of tax you pay on your income). For example, if you are on the top marginal rate of 42 percent and make a capital gain of R20 000, your CGT would be calculated as follows:
R20 000 less R10 000 = R10 000; divide by one quarter = R2 500; tax at 42 percent = R1 050.
You can offset capital losses against capital gains, but you cannot offset capital losses against them.
5. What is the object of the tax?
The main point of introducing CGT is not to raise money, the South African Revenue Service says. The tax is expected to bring relatively small amounts into the government’s piggy-bank – R200 million in the first years and between R1 billion and R2 billion a year in time. Rather, the tax is designed to plug holes in the tax system. In the absence of a capital gains tax, sophisticated taxpayers can convert income (which is taxable) into capital gains (which are not) and this erodes the country’s tax base. Many other countries have CGT.
6. What is base cost?
Capital gains are the difference between the base cost of the asset and the sum you get on sale or disposal.
Base cost includes:
Acquisition costs – what you paid in order to acquire the asset;
Costs associated with acquisition and disposal – for example, legal fees, agent’s commission, stamp duty, advertising costs, broker’s fees, transfer duty, conveyancing;
VAT;
Improvement costs – what you spent on improving the value of the asset; and
Any legal costs you incurred. For example, if you had to fight a court battle to maintain your right to an asset you already owned.
You are not allowed to claim current expenses, such as insurance, repairs and interest on a loan, as base costs. But if you bought a second home and sold it at a profit, for the purposes of calculating a CGT liability you would be able to claim the price of the house, any improvements (not repairs) you made and the estate agent’s commission on the sale.
Friday, November 16, 2007
About bondapply.com
bondapply.com was launched in June 2007. The main focus is to provide a hassle-free property finance service at no extra cost for the customer. We also provide clients with free advice on purchasing and selling properties, investments and all processes involved in the property industry in general.
Our vision is to grow our client base and to continue to provide personal and excellent service to clients, by negotiating the best finance deals for clients in the market at any given time.
Our vision is to grow our client base and to continue to provide personal and excellent service to clients, by negotiating the best finance deals for clients in the market at any given time.
Member of Business Warriors
Welcome to the Business Warriors community.
The reason for this site operating on a subscription basis, rather than being a book, is based on my experience after presenting the CrashProof your Business seminars. These ideas are brand spanking new to most business owners, and take some time to assimilate and apply - even though it isn't too difficult. And it's during that application period where most folk need a little guidance - and remaining part of this CrashProof community means I can offer just that - via the Forum, as well as via interpretation and advice regarding any sureties you're being asked to sign. Each month I will highlight new areas and ideas to further help you reach complete personal independence from your business. Remember that your personal business success isn't necessarily related to your firm's success. Your current firm is probably just one of many stepping stones on your path towards entrepreneurial fortune. I will be trying to use the Forum as the primary method of answering questions - because that allows us to share that answer with any folk with a similar situation in future.
And on that note, lets have some fun together scaring a few banks. I am here to help you enjoy successfully CrashProofing your Business. All the best. Peter Carruthers. Warrior Central
Thanks to my clients, friends and family for all their support...
"ek hoop sy nader jou, ek ken jou goeie diens" - E Rauch, Candidate Attorney, VGV.
"ek admire jou durf" - R Uys - AIB Online
"alle sukses en sterkte, hou my asb op jou mail lys vir die toekoms!! Klompe vrede en vreugde". - E van Schalkwyk, Sanlam (client)
"dankie dat jy darem nie van my vergeet het nie" - K McKay - Estate Agent
"jou logo lyk baie smart" - Y Olivier, SAMO
"keep the business rolling in" - Z Isaacs, Standard Bank
"Baie dankie vir die kennisgewing - waardeer dit! Sal jou definitief in die toekoms gebruik!! Baie geluk met jou eie maatskappy - ek wens jou baie geluk daarin". - J Baker, IS (client).
"baie geluk vir achievement" - S Kriel, ABSA.
"ek admire jou durf" - R Uys - AIB Online
"alle sukses en sterkte, hou my asb op jou mail lys vir die toekoms!! Klompe vrede en vreugde". - E van Schalkwyk, Sanlam (client)
"dankie dat jy darem nie van my vergeet het nie" - K McKay - Estate Agent
"jou logo lyk baie smart" - Y Olivier, SAMO
"keep the business rolling in" - Z Isaacs, Standard Bank
"Baie dankie vir die kennisgewing - waardeer dit! Sal jou definitief in die toekoms gebruik!! Baie geluk met jou eie maatskappy - ek wens jou baie geluk daarin". - J Baker, IS (client).
"baie geluk vir achievement" - S Kriel, ABSA.
Thursday, November 15, 2007
More about Vania van Dalen
Started own company bondapply.com in June 2007.
Mortgage Origination Business
Montague Gardens, Cape Town
PREVIOUS WORK EXPERIENCE:
BondClinic, Bellville, Cape Town
Senior Home Loans Consultant
To achieve contracted targets and attract quality new business.
To proactively and continuously deliver service excellence to clients.
Motivate declined applications in accordance with all banks appeal processes.
Running of Parklands office
2 November 2005 to 29 June 2007
Senior Home Loans Consultant
To achieve contracted targets and attract quality new business.
To proactively and continuously deliver service excellence to clients.
Motivate declined applications in accordance with all banks appeal processes.
Running of Parklands office
2 November 2005 to 29 June 2007
Bond Select Mortgage Originators, Oostersee, Cape Town
Home Loans Consultant
To achieve contracted targets and attract quality new business.
To proactively and continuously deliver service excellence to clients.
Motivate declined applications in accordance with all banks appeal processes.
1 March to 1 November 2005
ABSA Home Loans Head Office, St George’s Mall, Herengracht Street, Cape Town
Home Loans Consultant – Estate Agents
To satisfy customers’ final requirements through the proactive selling of Home Loan solutions to attain strategic objectives of both ABSA Home Loans SBU and clients.
Compile action plans to achieve set targets.
To achieve contracted targets and attract quality new business.
To expedite timeous communication from receipt of application forms to final grant. (all role-players including client).
Motivate declined applications in accordance with the ABSA appeal process.
Maintain routine administration.
Stay informed of ABSA policies and procedures.
To proactively and continuously deliver service excellence to clients.
Establish a rapport with the customer/role-players.
Identify product/financial services utilization, with the view to cross sell and up sell.
Determine the prospect’s needs and expectations.
Understand the relevant product features and benefits.
Contract the terms and conditions of the deal.
Assess the risk to the bank of prospect’s need and expectations.
Make recommendations to credit, technically correct and of high standard.
Interface with client regarding the deal.
Communicate the decision/approval.
Answer critical questions.
Handle customer queries to satisfaction of client.
Build and maintain effective relationships with all internal partners and external clients.
To act as single point of entry to all external business sources (estate agents) and clients.
To accept ownership of the application in the end to end process, with the object to expeditiously advise the client of the decision and conditions.
3 December 2003 to 29 February 2005
De Huizemark Properties, Langebaan, West Coast
Property Consultant
Marketing and Sales of residential properties in Langebaan.
October 1997 – November 2001
ABSAlute Winners Gold Status
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