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Please Note: The interest rate displayed here is the current, national, prime interest rate, as set by the South African Reserve Bank. The interest rate offered by your bank when applying for a loan may vary.
FAQs
By making additional payments into your home loan, you will pay off the purchase price of your property sooner, and therefore save on interest.
Additional payments into your home loan will not affect the interest rate at which you repay, but it will mean you save on interest over the remaining term of your bond.
An extra R250 payment in your R1 000 000 bond every month will shorten your bond repayment period by 1.5 years (assuming a rate of 10%).