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At SA Home Loans we are often asked by friends, family and clients: “How can I save money on my home loan?” Because this is such an important question to many people who want to pay their bonds off as soon as possible, here are some pointers to help you do just that.
Like most lending institutions, SA Home Loans offers home owners a standard 20-year bond. If you reduce your term by even just a couple of years, you will be cutting down on interest costs significantly, potentially saving yourself hundreds of thousands of rands. It might be the difference between an early retirement and having to keep on working.
If you’ve decided on a reduced term home loan as explained above, and you find that you can afford to pay a little extra each month – then do it. Even just a few hundred rands added to your variable rate home loan instalment every month will save you tens of thousands in interest.
If you are lucky enough to receive some extra cash, such as a tax refund or a work bonus, (even if it is modest) use it to reduce your home loan. Remember that every time you make additional payments, the term of your mortgage is reduced and less interest is charged.
Use our handy Mortgage Calculator to see how much you could save by reducing the loan term or paying additional payments.
If you wish to increase your monthly instalments permanently, we can set up a “fixed monthly debit order” for the amount you choose. Should your required home loan instalment exceed the fixed monthly debit order due to interest rate increases or due to further lending, we would automatically revert to the required minimum instalment. The higher instalment will result in a reduced term and interest saving, or access to cash at a later stage.
There’s no harm in finding out what other institutions are willing to offer. However, do remember that the lowest interest rate is not the only criterion. The lowest today may not necessarily be the lowest tomorrow – beware of the fine print.
You must take into account flexibility – can you change your mortgage loan to suit your changing circumstances? And do you get the kind of service you deserve – or are you treated as just another number?
SA Home Loans jealously guards our reputation for being the country’s best home loan financier to deal with – and our rates are always highly competitive, with options that suits your pocket as well as your lifestyle.
Your interest rate is highly likely to fluctuate during your home loan period. It may drop, giving you the chance to save, or increase above what you can comfortably afford to pay. To protect you against the latter, SA Home Loans offers clients an innovative CAP rate.
As you decide when the capped period begins, you can time it to help you save through tough financial circumstances.
Many property owners are fortunate to experience a few interest rate decreases during their home loan term. Until it rises again, your monthly instalments are lower, giving you time to save a little extra or buy what you couldn’t afford to before.
However, if you want to settle your mortgage sooner rather than later, it’s better to try and keep your monthly payments consistent. This reduces your outstanding capital quicker and leaves you less affected by subsequent interest rate increases.
Some organisations offer a lower introductory interest rate or a gift if you take out a home loan with them. These offers are generally fraught with hidden costs or pitfalls. You may end up paying a higher interest rate once the honeymoon has ended, or there may be severe penalties if you wish to get out of the deal.
At the end of the day, we at SA Home Loans believe that it is not gifts our clients want, but home finance that suits your needs through every phase of your life.
When you’re purchasing a new home or refinancing, you should look at your overall debt position. If you need to pay off expensive credit cards or high-interest finance company borrowings to fund other necessities, this could be the right time to consolidate your debt into your home loan. It will immediately save you money and give you additional cash flow. However, you must take care not to revert to adding more short-term debt.
There is simply no comparison. SA Home Loans offers you an innovative range of home loan options that will suit your lifestyle and your pocket. Whether you want to Switch and Save, get an Interest Only loan, Fix your Rate or simply have a chat with one of our friendly and efficient home loan consultants – with no obligation – call us on 0860 2 4 6 8 10 today.
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