Moving Bond

[Jalaloedien]

So my wife has just started her new job at an investment company. One of her perks is that they get a pretty good interest rate (prime - 3). The problem is that the bond is currently registered in my name and the only way that we could make use of the discounted interest rate is if the bond was in her name or jointly.
Would it make sense to transfer the bond? Is it even possible to do something like this? If so, would I need to pay transfer duties again or just the cost to the lawyers?
Any ideas?

 

[bokka1]

You will have to sell a share in the property to her. If all they require is that her name appears on the bond then you can sell her a small percentage and you will pay costs on that percentage.

If you are planning to keep the house for another few years it may be worth your while to go for this interest rate.

Costs on the transfer of the share will be calculated on the costs on the full value of the property multiplied by the percentage that you sell to her.

 

[Jalaloedien]

Ah, I see. So I could then technically sell her a 10% share of the house to get her name on the bond. Good advice.
I think I might wait it out for a bit and then possibly sell and move, but let's see how the property market handles the imminent rise in the interest rates :wtf:

 

[hellfire]

Ah, I see. So I could then technically sell her a 10% share of the house to get her name on the bond. Good advice.
I think I might wait it out for a bit and then possibly sell and move, but let's see how the property market handles the imminent rise in the interest rates :wtf:

You need to work out if the transfer costs will be superceded by the interest rate benefit.
You don't mention if your bond is already through this company (Investec?).
If not, you'll pay the current bank 3 months interest, a bond cancellation fee (for the lawyers), an initiation fee for the new bond, transfer fees to the conveyancers and transfer duty based on the value being sold.

 

[F1 Fan]

http://mybroadband.co.za/vb/showthread.php/589271-How-To-Move-your-Homeloan?highlight=