SA Mortgage Managements Tips:
Letâ€™s now take a closer look at Step 3 â€“ Paying lumps sums and bonuses into your homeloan account.
Step 3: Pay lump sums and bonuses into your bond
Pay more when you can as this can give you breathing room later on.
If you deposit a lump sum of R20 000 at the end of the first year of your bond (R450 000 at 12% over 20 years), you save R144 000 in interest over the remaining period and cut 33 months from the bond term.
These extra deposits into your home loan, whether monthly or lump sum, also yield tax free interest savings.
Access Bonds offers you the flexibility to withdraw your lump sum deposits when ever you need it if you.
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