Offsetting interest on homeloan

[emptybruwer]

Is there a homeloan in south africa that has a linked transaction account where your salary is paid into. And it decreases your loan amount and increases as you use the money in your transaction account.

Example
Homeloan R1000000
Salary received on the first of month. R 20000

On the 1ste. Your outstanding homeloan is R980000 and the interest will be calculated on the outstanding amount per day. And when you draw money out of the transaction account. Your loan increases with that amount.

I know the banks in Aus does give you the option. But not sure if it is in South africa?

 

[SauRoNZA]

Yes.



Simply transfer your salary into your access bond.



That's how pretty much all of them work.



You just can't have debit orders coming off your home loan so the best way is to wait till say the 5th and then pay what's left into your home loan.

FNB has a setup exactly like you describe though, I think its the One account.

 

[Viva]

Is there a homeloan in south africa that has a linked transaction account where your salary is paid into. And it decreases your loan amount and increases as you use the money in your transaction account.

Example
Homeloan R100000
Salary received on the first of month. R 20000

On the 1ste. Your outstanding homeloan is R980000 and the interest will be calculated on the outstanding amount per day. And when you draw money out of the transaction account. Your loan increases with that amount.

I know the banks in Aus does give you the option. But not sure if it is in South africa?

In other words, your home loan increase by R880 000 after you salary gets paid into your account?

Missed a 0 there.

 

[emptybruwer]

Thanks I have corrected ir

 

[emptybruwer]

Yes.



Simply transfer your salary into your access bond.



That's how pretty much all of them work.



You just can't have debit orders coming off your home loan so the best way is to wait till say the 5th and then pay what's left into your home loan.

FNB has a setup exactly like you describe though, I think its the One account.

I'll have a look at the One account. Thanks

 

[Neo_X]

I'll have a look at the One account. Thanks

yup the one account works as you described.

i never could get a feasible interest rate on it though ( or maybe i didn't think it through good enough)

 

[F1 Fan]

The one account is overly expensive if you only have one property.

Their normal access bond works fine