Bonds - Interest Lost

[ColinR]

I want to extend the bond I have on the house to do some home improvements.
One of the peeps said if we switch home loans away from ABSA, we will lose all the interest we've paid so far and start from scratch.

Is this the way it works? Which place is best, www.ooba.co.za, etc

 

[Kosmik]

I want to extend the bond I have on the house to do some home improvements.
One of the peeps said if we switch home loans away from ABSA, we will lose all the interest we've paid so far and start from scratch.

Is this the way it works? Which place is best, www.ooba.co.za, etc

I don't beleive you will lose anything but the new bond must pay the old off and there could be penalties involved although I think the new Credit Act doesn't allow that anymore.

 

[ColinR]

I'm trying to save the registration costs, etc which some bond origination sites say they will pay for you, in order to secure the client.

 

[noxibox]

You should not lose anything, but there are costs involved in moving a home loan and you usually have to give 90 days notice.