Standard Bank Home Loan - Extra Repayments: As simple as it seems?

[Ho3n3r]

I want to make extra repayments every month, depending on how much money I have left.

So, is it as easy as the following?:
1. Create beneficiary with the Account Number on my SB homeloan statement.
2. Pay beneficiary with X amount that I want to pay extra.

Also, what should I add as reference, in case it needs anything specific?

 

[mercurial]

How bizarre. I just contacted them with the same query via email. Will hear what they say.

 

[OCP]

Do you have an access bond?

If so - just transfer extra cash (needs to be increments of R1000) as and where you can

I often put a few Rk into the bond at the beginning of the month and then take it out again as needed to pay stuff. (Eg rates and taxes)

 

[Creag]

I always pay in my full bonus and/or any amounts received (SARS refund, cash-out from shares, etc.) into my access bond. I do however keep a close watch on it to ensure I never withdraw more than put in. The more I can pay in now, the sooner the bond can be reduced to a very nominal amount.

It helps (somewhat) if your transactional banking and bond are the same institution.

 

[Drifter]

Just link your bond account to your normal account, and transfer at will. Withdrawals can only be in increments of R1000, deposits not.

 

[SauRoNZA]

I want to make extra repayments every month, depending on how much money I have left.

So, is it as easy as the following?:
1. Create beneficiary with the Account Number on my SB homeloan statement.
2. Pay beneficiary with X amount that I want to pay extra.

Also, what should I add as reference, in case it needs anything specific?

Is your regular banking not with Standard Bank?

Because it should just be a simple transfer then.

I would recommend just inflating the debit order by a comfortable amount though and letting that go off automatically.

Especially helps when interest rates go up and you don't feel it, and more so when they go down and you pay more.

 

[Ho3n3r]

Do you have an access bond?

If so - just transfer extra cash (needs to be increments of R1000) as and where you can

I often put a few Rk into the bond at the beginning of the month and then take it out again as needed to pay stuff. (Eg rates and taxes)

I don't have anything other than the homeloan.

Just link your bond account to your normal account, and transfer at will. Withdrawals can only be in increments of R1000, deposits not.

How do I link the bond account to a Capitec savings account? Doesn't sound like a possibility to me, but I'm all ears.



So, back to my original scenario - is it that simple or not?

 

[Ho3n3r]

Is your regular banking not with Standard Bank?

Because it should just be a simple transfer then.

I would recommend just inflating the debit order by a comfortable amount though and letting that go off automatically.

Especially helps when interest rates go up and you don't feel it, and more so when they go down and you pay more.

Some months I may need that money for an emergency, then I can't pay any more, and some months I have a little more left and I can pay more. So I'd prefer to have total control over it.

Only other account I have, is a Capitec savings account.

 

[Drifter]

I don't have anything other than the homeloan.



How do I link the bond account to a Capitec savings account? Doesn't sound like a possibility to me, but I'm all ears.



So, back to my original scenario - is it that simple or not?

I made the assumption that the bond account was with the same bank as your transactional account. You will need to set up the bond as a beneficiary and then do a normal payment.

 

[mubz]

i created a beneficiary, had to call them to get the specific bank details for extra payments. using home loan account no. as a ref.
then i just pay extra amounts every month, i do not know if i have an access bond facility.

 

[SauRoNZA]

Some months I may need that money for an emergency, then I can't pay any more, and some months I have a little more left and I can pay more. So I'd prefer to have total control over it.

Only other account I have, is a Capitec savings account.

You could always use the money in the bond for the emergency.

 

[LazyLion]

I've done that. I just added the homeloan account as a beneficiary and then paid into it.
The payments later appeared on my statement.

 

[Ho3n3r]

I've done that. I just added the homeloan account as a beneficiary and then paid into it.
The payments later appeared on my statement.

Thanks. All I needed.

 

[Gaz{M}]

You must apply for an access bond first. You can do this easily over the phone in 5 minutes. If you are approved, only then can you withdraw extra money you pay into your home loan account

You can add your home loan account to your list of internet banking accounts by sending a "secure message" from internet banking to your branch and quoting your home loan account number.

Then you simply do an inter account transfer into your home loan account.

You do not get an access bond by default. Even if the money shows as "available" it will soon disappear and you won't be able to withdraw it.