The Reserve Bank has recently cut the repo rate subsequently reducing the variable interest rate to 8.75%. The rate decrease equals a monthly instalment saving of R648 per R1 000 000 bond.
COVID-19 developments has caused great concern on the impact of the economy. In light of the recent lockdown many home owners is uncertain about their future financial position. The drop in the interest rate is the perfect opportunity to access additional funds on your existing bond.
If the value of your property is more than the outstanding home loan amount, you will be able to apply for the difference and re-structure your your loan term. These funds can be used to consolidate short term debt, freeing up some cash to focus on the more important financial commitments. Renovate your home if you are considering selling and achieve a higher selling price, or just use the funds as a buffer for future emergencies.
Our consultants are working remotely and the banks are still accepting bond applications.
Contact us today to assist with your application!