First Homeloan Payment question

phoneJunky

Executive Member
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Apr 3, 2009
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6,263
Hello guys. I just bought my first house and there is a couple of things I don't know that I think some of you guys might be able to help me with. I told the attorneys to make the payments the on the 26th as I get payed on the 25th. Now, the house was registered in my name last week and a few of my friends said that I only start paying next month the 26th and not this month. Is this true, and if not do I get the first month pro-rated? I asked the lawyers office and they said they don't really know and the number of the bank I have is not picking up at the moment. I am with ABSA if that is important.

I also haven't received a account number that I have to make the payments yet? Is this normal, I am getting a bit nervous now as I am moving in at the end of the week.

Thanks in advance.
 

phoneJunky

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Apr 3, 2009
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I don't think Capitec gives homeloans or from what I can see from the website, so I didn't really have a choice
 

blunomore

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Jul 8, 2007
Messages
26,789
I don't think Capitec gives homeloans or from what I can see from the website, so I didn't really have a choice

I was just joking, we also have a home loan with them. They treat everyone equally bad ! :)
 

Rocket-Boy

Executive Member
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Jul 31, 2007
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9,992
I refused to go with ABSA cos I hate them that much!
Its different with all banks. Get the number off their website and phone their home loan division.
 

phoneJunky

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Apr 3, 2009
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6,263
I refused to go with ABSA cos I hate them that much!
Its different with all banks. Get the number off their website and phone their home loan division.

Thanks, just phoned them and I have to start paying immediately.
 

rorz0r

Executive Member
Joined
Feb 10, 2006
Messages
7,967
I think you'll find you either get debited pro-rata this month or they add the interest from this month onto the bond and then debit you ever so slightly more next month because instead of the bond being 500k its now 500+2k from a partial months interest.
 

phoneJunky

Executive Member
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Apr 3, 2009
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I hope it is pro-rata, I need additional things for the house that doesn't fit into my budget. The amount they quoted me is R15 more than the amount the homeloan calculator gives me that I wrote. The calculator is accurate, so maybe there is something there like what you described. I also took insurance from ABSA but they still haven't given me any details on the amount etc, or is it included in the monthly payment?
 

noxibox

Honorary Master
Joined
Apr 6, 2005
Messages
21,266
Chances are they have already taken the period between the issuing of the loan and the date of the first repayment into account. It is always best to start paying as soon as possible after the loan is issued though, because you pay interest from the first day.

Does the repayment calculator allow you to take into account when repayments occur?
 

phoneJunky

Executive Member
Joined
Apr 3, 2009
Messages
6,263
Chances are they have already taken the period between the issuing of the loan and the date of the first repayment into account. It is always best to start paying as soon as possible after the loan is issued though, because you pay interest from the first day.

Does the repayment calculator allow you to take into account when repayments occur?

Hey noxibox, I havent done it to do more than one payment a month, but it can work out the payment if you want to pay the loan in x amount of years, and it tells you how much you will owe after y months for a specified monthly installment or how much you must pay if you want to pay it off in a certain amount of time. The code is in matlab if you want and I can can look into the "when repayments occur"
 
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