Best Mortgage advice:
Itâ€™s all over TV, the Radio and the internet and itâ€™s sparked your interest, now you want to know more about the SA Home Loans Interest only option.
Let me begin by saying that SA HomeLoans is not really looking out for the clientâ€™s best interest with this scheme. Theyâ€™re offering you the option of paying off only the interest option of your bond installments every month.
Remember, When some financial scheme sounds too good to be true it probably is no good.
Take a closer look at this type of Mortgage product and alarm bells will begin to ring.
- In the first few years of your bond your monthly repayments consist mostly of interest repayments. This means that on a bond of only R400 000 youâ€™ll be paying off interest of about R3 500 for 20 years and never lower your outstanding bond amount.
- So if you only pay the interest portion every month you would have given SA Homeloans about R840 000 over the 20 year term and youâ€™ll still be sitting with the outstanding bond amount of R400 000. In essences you would have rented the property from SA home Loans. And conventional rentals are so much cheaper.
- When you only pay off the interest portion every month SA home loans is able to charge you the full amount of interest on the total outstanding Bond amount.
Example: If you paid off R50 000 on your R200 000 bond, they can only charge interest on the outstanding amount of R150 000, but because you only paid off the interest portion theyâ€™ll charge you the full interest on an outstanding amount of R200 000.
Hereâ€™s the Solution youâ€™re actually been looking for!
Thereâ€™s no hype or funky sales promotion for it because everyone already knows that an Access Bond from the Banks can offer you great flexibility and save you money.
This type of home loan is one of the best currently available in South Africa – and the Banks know this – thatâ€™s why they donâ€™t have to use persuasion to promote it.
Click here to find out why most South Africans are choosing Access Bonds and Saving Thousands,
Or Speak to one of our home loan consultant directly. TEL 021-4472401
or Weâ€™ll contact you â€“ just complete this short form.
Related Article: SA Homeloans – Who, Why, What?