FINANCE
However , economic uncertainties and unforeseen circumstances can make it challenging for homeowners to meet their bond instalments on time . In such times , financial institutions can step in to offer assistance and support .
Antonie Goosen , Principal and Owner of Meridian Realty , emphasizes the importance of being well-informed when it comes to finance options while buying a home . He suggests consulting with estate agents , bond originators , or financial service providers to make realistic and attainable goals .
Additionally , making extra payments above the minimum instalment required by the bond can help reduce the outstanding balance , lower interest costs , and shorten the loan term . While all five major banks allow clients to make extra payments , it ' s essential to be aware of any potential penalties or fees .
Considering the finance options available , potential homeowners can benefit from using bond calculators provided by major banks and bond originators . These online tools help estimate monthly instalments , interest rates , loan terms , and other associated costs , enabling individuals to make informed financial decisions .
51 AUG / SEPT 2023 SA Real Estate Investor Magazine