Let's say you have a home loan and your repayment structure looks a little like this:
Bond Amount |
Interest Rate |
Monthly Payment |
Term (Months) |
Interest |
R500 000 |
12% |
R5 143 |
360 |
R1 349 270 |
Let us presume you have R20 000 sitting in your savings account not earning much interest. If you have an access type bond (Where you are able to access extra funds that you pay into your bond) you can “park” that extra money there and it will lower the capital amount that you owe the bank and thus decrease the interest that you will pay over the term of your home loan. If you keep your monthly payments the same you can decrease the time you pay your bond from 360 months to 273 months. Just by “parking” that extra R20 000 in your home loan account you can pay your house off 7 years faster. An added benefit is that you will save more than over R400 000 in interest over the term of your home loan!
Add “Parking It” on top of a Fast Track Solution and you can pay your house off in next to no time. Click here if you would like one of our Fast Track Solutions consultants to contact you to see how you can pay your house off quicker.
Latest News
Fractional Title Property
Fast Track Solutions now has a finance solution to allow you to purchase your fractional title property investment. To learn more about Fast Track Solutions for Fractional Title click here.
Bond Cutting Tip
Save Thousands of Rand
There are many ways to save yourself thousands of Rand when it comes to your home loan. Pay your bond off quicker with Fast Track Solutions and some of our unique tips to save you heaps of money. Click here to learn more.