Buying parents house.

[ToxicBunny]

Its R600k now...

BUT if you get a R400k loan you're looking at having to source R21k just to get the propery into your name.

 

[Mike Hoxbig]

From what I recall,

There is no transfer fee's anymore on houses purchased for less than R 500k ?

Only transfer duties - there's still a bunch of other transfer fees. And you will still need to pay bond registration costs.

 

[Velenoso]

Transfer 100k bond into your name. Easy to pay off quick. Help the old man with a loan to start a business/do something, etc. Not worth doing that amount through the bank. I deal in property and I've had a lot of crap with banks and bonds. 400k is not worth that hassle imo.

 

[freemilo]

There is no need to transfer the bond or the property right away, why don't you just cover the monthly payments for now? This will give you the time to think about what you want to do and consult knowledgeable people about your best option.

If you don't need additional cash I can't see the need to transfer the property now - If you do need cash don't take a bond for money you don't need, take the least amount necessary even if the bank offers you more. The more money you have, the more you will be tempted to buy stuff.