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Home loan repayments When you take out a home loan you probably don’t anticipate a day when you might not be able to afford the repayments. If you are battling to make your home loan repayments, notify your bank immediately. Maintain contact with your bank and keep them informed of changes in your financial position. Generally banks are more flexible and able to assist you when you have not yet missed a payment and when

Paying off your home loan Paying off your home loan before the end of the term is a major milestone but it does not mean that the bond is cancelled. If you would like to be in possession of the title deeds of your home, the bond must be cancelled in the Deeds Office, and there is an attorney cost associated with the cancellation of the bond. You can keep the bond open once the

Fixing your interest rate If you recently obtained a home loan for the first time, you should consider fixing your interest rate. Doing so is a way of creating a more stable monthly cash flow. Fixed rates are generally a few percentage points above your variable rate. Initially you will pay a higher rate but this will most likely be offset over time as interest rates increase. There are no extra fees if you fix

Applying for a home loan Applying for a home loan can be daunting. Your first step in the process should be to draw up an accurate household budget. If you don’t have a handle on how you are spending your money, you will only be able to guess how much you can afford to spend on your repayments. As a guideline, you shouldn’t be looking at spending more than 30% of your after-tax income. The

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