Bond and cheque accounts

zerocool2009 said:
Enable the flexi! Its a system flag. Reset the period to 20 years again.

You paid thousands for that facility! Keep it
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But once the home loan has been settled, what is the purpose of the flexi? Higher interest rate? I have other accounts that I can use as a dedicated savings account.
 
Candystore said:
But once the home loan has been settled, what is the purpose of the flexi? Higher interest rate? I have other accounts that I can use as a dedicated savings account.
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Contact the bank. Its a setting on your account. I wouldn’t close any bond EVER!
 
Your bond is still linked to your original bond term and to extend it would require re-application of sorts. i.e 20 year bond refinanced as a 30 year bond. It's not open ended or automatically closed when paid in full.

In this case the only use would be to enable the flexi and borrow against the security to perhaps build something on the vacant plot.

Beware of early settlement penalties, give your bank notice that you want to close the bond sooner than original term if you choose so. Usually 3 months notice.
 
HunterNW said:
But why ?
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Lets say you want to buy another car. Send your child to varsity. Plan a holiday on an island with white beaches and pink drinks....

You paid thousands to get the loan, keep it for life!

In my case, a bond of R1 000 000 so far had the power to buy 6 properties of total R10 000 000

Just re-use the bond if needed! As in smart
 
zerocool2009 said:
Lets say you want to buy another car. Send your child to varsity. Plan a holiday on an island with white beaches and pink drinks....

You paid thousands to get the loan, keep it for life!

In my case, a bond of R1 000 000 so far had the power to buy 6 properties of total R10 000 000

Just re-use the bond if needed! As in smart
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I'm just not bank savvy. How do you re-use the bond ?
 
HunterNW said:
I'm just not bank savvy. How do you re-use the bond ?
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What interest rate do you pay on your home loan?

What will you pay on a car loan? What fees do they add? Is insurance higher on a car with payments?


Which one of those is cheaper?
 
Pegasus said:
What interest rate do you pay on your home loan?

What will you pay on a car loan? What fees do they add? Is insurance higher on a car with payments?


Which one of those is cheaper?
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You only pay the monthly admin fee. On my side its R5 per month, with R0 interest
 
HunterNW said:
I'm just not bank savvy. How do you re-use the bond ?
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I am definitely interested in re-using the bond to buy another property, but this time the property will be of higher value than the original bond. Must I then close it and reapply for a larger bond or can I extend/expand the value of the bond?
 
Candystore said:
I am definitely interested in re-using the bond to buy another property, but this time the property will be of higher value than the original bond. Must I then close it and reapply for a larger bond or can I extend/expand the value of the bond?
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You can apply to extend the current bond (and of course affordability will count), and costs.
 
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