Clean Green
Senior Member
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- Feb 4, 2024
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Morning.
I have 2 home loans, one with Investec and one with Absa. The Absa one has a better rate and can be even better if I switch over my salary.
I don't know if I can enlarge the Absa homeloan and pay off the Investec one and then at the same time close that bank account? As far as I remember, a home loan is linked to a property, so it's not something you can just enlarge without costs involved?
Years ago, when I was young, an idiot and thought I made it (when in fact I didn't), I got swept up in the "Look at my fancy card", but I don't use any of the Investec offerings apart from day to day banking, so it ended up in a very expensive "Look at me, I made it"
Looking at it now. I can save R 7200 (R 600 per month) in banking fees per year if I close the one account and instead pay R 1500 (R 125 per month) in fees at Absa, meaning a nett difference of R 5700 per year. I would also save on the monthly home loan account fee if I moved over (I can then put all these little savings back into my home loan monthly)
Has anyone done something like this and is it worthwhile, what costs were involved? If I switch over my salary, I can improve my rate by almost 1% Any other advice?
I have 2 home loans, one with Investec and one with Absa. The Absa one has a better rate and can be even better if I switch over my salary.
I don't know if I can enlarge the Absa homeloan and pay off the Investec one and then at the same time close that bank account? As far as I remember, a home loan is linked to a property, so it's not something you can just enlarge without costs involved?
Years ago, when I was young, an idiot and thought I made it (when in fact I didn't), I got swept up in the "Look at my fancy card", but I don't use any of the Investec offerings apart from day to day banking, so it ended up in a very expensive "Look at me, I made it"
Looking at it now. I can save R 7200 (R 600 per month) in banking fees per year if I close the one account and instead pay R 1500 (R 125 per month) in fees at Absa, meaning a nett difference of R 5700 per year. I would also save on the monthly home loan account fee if I moved over (I can then put all these little savings back into my home loan monthly)
Has anyone done something like this and is it worthwhile, what costs were involved? If I switch over my salary, I can improve my rate by almost 1% Any other advice?
