Just R100 extra on your bond could save you money on interest

FNB Head of Special Projects, Dr Simphiwe Madikizela, says paying R100 or more on your bond repayment goes a long way in reducing your interest.

He says the substantial amount of debt owed on a bond can often startle consumers, making them believe it is pointless to pay anything extra as it will take them years to pay it off.

This can cut the period in which you are paying your bond by a number of years and save about R50 000 interest over the period of the bond.

Dr Simphiwe Madikizela, FNB Head of Special Projects

It is very important because it makes a huge difference.

Dr Simphiwe Madikizela, FNB Head of Special Projects

We encourage people to create wealth and pay off their debts as quickly as they can and if possible buy a second property and rent out the first one to generate extra income.

Dr Simphiwe Madikizela, FNB Head of Special Projects

To hear more of this interview, listen below:


This article first appeared on 702 : Just R100 extra on your bond could save you money on interest


Recommended

by THE NEWSROOM

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Cost of living sky rockets while salaries shrink (and what you can do about it)

Cost of living sky rockets while salaries shrink (and what you can do about it)

Consumer journalist Wendy Knowler provides tips for consumers to manage life better in these trying economic times.

Cooperative bank could curtail debt trap for workers, argues SACP

Cooperative bank could curtail debt trap for workers, argues SACP

The SACP says instituting a cooperative bank would help relieve the current debt facing workers who are using commercial banks.

If a minimum wage is a good idea, what about a maximum?

If a minimum wage is a good idea, what about a maximum?

Salary caps are not new, but wage gaps have never been this big, perhaps this is how could we address it.

A great investment on your doorstep…

A great investment on your doorstep…

Personal finance expert, Paul Roelofse, says a great place to save in the short term is your home access bond.

Mysterious VBS Mutual Bank under the microscope

Mysterious VBS Mutual Bank under the microscope

VBS Mutual Bank faces a great deal of scrutiny over its shareholder details and unique loan agreements, after lending Zuma R7,8m.

Jonas says VBS Mutual Bank Zuma bail-out is above board

Jonas says VBS Mutual Bank Zuma bail-out is above board

Jonas said Treasury is awaiting the proof payment of R7.8 million towards the money he owed on his Nkandla upgrades.

Need a home loan? Banks are requiring ever larger deposits

Need a home loan? Banks are requiring ever larger deposits

The Money Show’s Bruce Whitfield interviews BetterLife Home Loans CEO Shaun Rademeyer.

Popular articles
‘Maimane, Malema will find Ramaphosa harder to deal with than easy-target Zuma’

‘Maimane, Malema will find Ramaphosa harder to deal with than easy-target Zuma’

Afternoon Drive’s Stephen Grootes interviews Senior Research Associate at the Institute for Security Studies Judith February.

Hawks video shows fugitive Ajay Gupta leaving SA

Hawks video shows fugitive Ajay Gupta leaving SA

The Hawks are in possession of video footage showing Gupta, wanted in connection with Vrede dairy farm scandal, leaving SA.

Eusebius says EFF misread the moment by walking out on President's election

Eusebius says EFF misread the moment by walking out on President's election

Eusebius Mckaiser asked callers what they thought of how opposition parties conducted themselves in yesterday's election.

LISTEN: Tannie Evita predicted Ramaphosa would be president in 1994

LISTEN: Tannie Evita predicted Ramaphosa would be president in 1994

Tannie Evita Bezuidenhout shares her thoughts on SA's new president.

Zwane, Dlamini, Muthambi and Gigaba may be axed in Ramaphosa reshuffle - journo

Zwane, Dlamini, Muthambi and Gigaba may be axed in Ramaphosa reshuffle - journo

Cyril Ramaphosa is expected to reshuffle the Cabinet as he takes over from Zuma and makes his mark the National Executive.

Hope Ramaphosa: Cyril never lifted a finger to me, he wouldn't beat a woman

Hope Ramaphosa: Cyril never lifted a finger to me, he wouldn't beat a woman

Cyril Ramaphosa's ex-wife says abuse allegations spread by EFF leader Julius Malema are an attempt to tarnish his reputation.