If you change jobs and your payday changes, ensure that you notify the bank immediately. Paying just 2 day earlier could knock as 2 months of your loan term.
A lot of people make the mistake of buying a house very close to the maximum for which they qualify. If you require 100% finance because you have no cash for a deposit, and you need the bank to add the legal fees and transfer duties to your bond
Today’s competition between banks for bond business is very strong. This results in them making various offers to their customers in order to make buying a home easier. This includes adding a variety of costs onto the bond account
In South Africa, interest rates are often subject to wide fluctuations with little warning. When rates decrease, the banks generally reduce your monthly instalment accordingly, and place the onus on you to contact them if you do not want this change to be made.
The purpose of this series of articles is to provide bondholders in South Africa with practical and simple methods of reducing their bond terms, thereby saving money in the process. We will use practical examples to illustrate the effect that these methods can have in reducing your bond term.