The competition between these banks and other mortgage providers in South Africa has resulted in many new innovative home loan products being developed, each offering different benefits which include:
- Lower interest rates,
- Consolidation Benefits,
- Five Year fix interest rates,
- Or an access bond facility which allows you to withdrew funds from your bond.
As an Existing Home Owner you may have been paying you bond off in small amounts every month for many years, and missing out on the benefits offered by the new mortgage products offered by ABSA, FNB or any other bank.
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In the past Banks could afford to just sit back and wait for you to come in and beg for a mortgage loan, these days – thanks in part to Bond Originators – Banks are fighting to attract your business.
Banks have since been offering much lower interest rates on their home loans and lowered their lending criteria making it easier for customers to secure a mortgage loan.
These benefits are not only available to new home owners, and as an existing bond holder you can often qualify for a very low mortgage rate – as much as 2% below prime.
The bank will consider the current value of your property (which should’ve increased over the years) and the outstanding loan amount (which would’ve decreased).
Based on this, and your credit rating, you’ll be offered a lower rate which will help to lower your monthly costs, and help you pay off your bond quicker.
Pay off your Mortgage Faster:
Speak to a Bond Consultant now for more information about lowering your Bond Interest Rate and Monthly Costs.