Property Finance â€“ how to get the bank to pay off 10% of your bond
The task of finding the best home loan is becoming very tough with banks continually introducing new and innovative Property Finance products.
In recent years new buyers and existing Property owners have been introduced to a number of different property finance products including Interest Only Bonds and Equity Release Bonds.
NEW HOME LOAN OFFERING: cash back
FNB and Discovery health have teamed up to offer you up to 10% cash back on your month bond repayments.
On where else will be able to secure a bond in which your bank and health insurer is willing to pay you 10% of your monthly bond repayments for 10 years.
How does it work?
The Property Finance cash back depends on your Discovery membership:
Vitality members with a DiscoveryCard qualify for an 8% cash back offer, limited to R1000pm over 10 years.
Vitality members with a DiscoveryCard and GroupLife Cover/ Group Income Continuation Benefit qualify for a 10% cash back offer, limited to R1000pm over 10 years.
If you have Discovery Group Life Cover and a Group Income Continuation Benefit and you switch to First National Bank Property Finance, youâ€™re entitled to free Life Cover (up to R500 000) and free Home Loan Repayment Benefits (on a maximum repayment of up to R500 000).This is subject to Group Risk product rules.
- This offer is only available to clients with existing home loans
- The property value must be for more than R240 000.
- Properties held in CCs, Trusts or Companies are not eligible for this benefit.
- Properties that exceed 8.5 hectares are not eligible.
- Jointly held or co-owned properties are eligible for this benefit, but only one person will receive the cash back.
- Existing First National Bank clients with the One Account benefit do not qualify.
- If youâ€™re an existing First National Bank Home Loan client, youâ€™ll need to pay an activation fee (currently R3 000) per home loan.
- Should your home loan be with another bank, youâ€™ll have to pay a registration fee.
- This fee can for discounted â€“ click here speak to a consultant.
For more information about this FNB Home Loans Product and the costs involved speak to one of our bond originator consultants. CLICK HERE