|
Normally Standard Bank Home Loans grant a bond over 20 or 30 years. Over this period you pay almost twice the amount of the original purchase price.
There are three effective ways that will help you pay off your home loan faster, increase your equity sooner and that will help you save thousands.
Change your payments. This doesn't mean you have to pay more into your Standard Bank Home Loans account. Instead, change your monthly installment to a bi-weekly or weekly installment. This doesn't cost you anything extra, but it will save you a lot on the interest.
Pay additional amounts. Off course, if you can afford to pay a little bit more every month, in the end it will result in maybe an extra full installment every year. Or if you are able to make a lump sum payment, this will knock off the capital, which will result in substantial savings over the full term of your Standard Bank Home Loan.
Anything you pay over and above the normal installment will pay off the capital only, not just interest. This means your capital will decrease, and automatically less interest has to be paid over the full term.
Keep additional funds in your bond account. What difference will this make? Well, since Standard Bank
Home Loans calculate the interest on a daily basis, any additional funds you deposit into your bond account will lower the amount the interest rate is calculated on. With an access facility you can deposit and withdraw funds as needed, and still save thousands in interest.
To sum up, these little savings you can do on your Standard Bank Home Loan might seem insignificant. But everything adds up. So the R100 you save every month, will add up to thousands over the full term.
To find out how you can pay off your Standard Bank Home Loan sooner, and save thousands, contact Standard Bank Home Loans directly, or a professional bond originator.
Well, I know that is a lot for you to take in so I am happy to spend some time with you and answer any questions you have about Standard Bank Home Loans and making sure your Home Loan is approved. You are welcome to contact my office at http://www.gpfmortgage.co.za/contactus.co.za
|
