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I was under the impression that this was extra fees paid into your bond.How does the FNB Home Loan rule work exactly. I was under impression that because I have paid off ±10% of my bond amount I am using between 65 - 94.9 % of the loan facility, hence 1500 points. However, I only got 500 in July. Managed level 5 still but way too close for comfort.
There is a difference between paid off vs additional payment (excess)I was under the impression that this was extra fees paid into your bond.
Like if you had a 100% bond and then at some point paid in 10% in addition to your monthly installment, you would get points based on 90%.
Exactly what I was trying to say while still being my lazy self and not wanting to type a lotThere is a difference between paid off vs additional payment (excess)
If your bond is R1000 and you pay an additional R100 (into the excess) meaning your new balance is R900. R900/R1000 ->90% this is the percentage you are using.
However, if your bond is R1000 and your monthly amount is R100 meaning the new balance is R900. Its only R900/R900-> using 100% of the bond.
Its the additional portion(in your flexibond) that matters.
I also had the same problem. It looks like calculations are based on available funds that is excess you paid in to the bond. If you haven’t paid anything over your normal installment then you have 100% usage.
Sure each wrap isn't 100...just do 3 transactions...
You are doubt anyone has tested it, I guess let us knowI want to feed my whole family. So if I do 3 transactions it would be approx R50-70 per wrap plus R30 change (which I lose). If I stack I get to buy 4 or 5 for R300. Not sure if I am explaining this too well...
Anyways, I will test it out...