Tightning the belt

[supersunbird]

My home loan is at 9% and car is at 8.5%. You guys need better negotiating skills

My home loan is at 7% but now with the rate increase my car is 11% , but its a cheap car so they are trying to milk more, I'll pay it off much sooner than the 5 year term...

 

[TehStranger]

Lol at having to tighten the "beld" with upcoming rate hikes.

/$10K a day CEO busy snorting coke out of a hooker's ass crew checking in.





(I wish)

 

[Messugga]

My home loan is at 9% and car is at 8.5%. You guys need better negotiating skills

My home is prime -3.5 and my car I paid off within a year. Take that

 

[Se@n]

My home is prime -3.5 and my car I paid off within a year. Take that

Do you perhaps work for one of the banks? How do you get more than less 2 on finance unless its the discretionary benefits the banks and lenders offer their employees.

 

[Sinbad]

Do you perhaps work for one of the banks? How do you get more than less 2 on finance unless its the discretionary benefits the banks and lenders offer their employees.

Even then the fringe benefit limit is prime minus 2.5. If you pay less than that you get taxed on the difference.

 

[MKFrost]

No tightening required, in the fortunate position of not having debt so the rate increase is welcomed i.e. increased return on savings...

 

[borga]

No mortgage yet only a car loan, impact of the 0.5% increase on the loan would be around R50 exta per month, so don't reqiuire that much belt tightning from the rate increase. The weakening of the exchange rate and it effects on items such as petrol will have a much greater effect on my budget.

 

[kamikazi]

Phone your insurance and ask for a better rate. I saved around R400 p/m last month shopping around and negotiating better rates with my current insurers. Move your bank accounts to Capitec and your credit card to Virgin Money which levy no fees. That will reduce your bank fees to less than R50 a month from the usual R150-R200 p/m. With those two you've already absorbed a 1% interest rate hike.

 

[satanboy]

No more sushi off naked bodies.

 

[Icarium]

Cleared up all my short term debt at my last payday and set my home loan debit to considerably more than my required instalment, so tha rate hike just extends how long it will take me to pay up my bond. It would need to triple to make any impact on my day to day finances.

 

[Messugga]

Do you perhaps work for one of the banks? How do you get more than less 2 on finance unless its the discretionary benefits the banks and lenders offer their employees.

Nope, I work at banks but I'm not employed directly by any. I do my financing through another structure.

 

[sjm]

Even then the fringe benefit limit is prime minus 2.5. If you pay less than that you get taxed on the difference.

Now Prime less 2 (for the last few years)

 

[Sinbad]

Now Prime less 2 (for the last few years)

What was prime before? 8.5%?

From SARS website http://www.sars.gov.za/AllDocs/LegalDoclib/Rates/LAPD-Pub-IRT-2012-03 - Interest Rate Table 3.pdf
01.08.2012 Until change in Repo rate 6%


Prime less 2.5

 

[sjm]

What was prime before? 8.5%?

From SARS website http://www.sars.gov.za/AllDocs/LegalDoclib/Rates/LAPD-Pub-IRT-2012-03 - Interest Rate Table 3.pdf
01.08.2012 Until change in Repo rate 6%


Prime less 2.5

Seems I need to have a chat with my employer as they're using Prime - 2% based on that being the threshold.