How to pay off your Bond in 10 years

If you’ve just bought your first home, the day your mortgage will be fully paid off and the property is really yours probably seems a long way off. 

Even if you don’t have a spare room to rent out, you can perhaps still make some extra cash to put towards your ‘bond liberation day’ by renting out a storage space, garage or carport.

This is according to Shaun Rademeyer, CEO of BetterBond, who says the good news is that there are tried and tested ways to bring that day much closer, and save yourself tens of thousands of rands in the process.

“Did you know, for example, that if you have a home loan of R800 000 at an interest rate of 9.25%, you could drop your bond repayment period to 17 years instead of 20, and save R178 000 in interest, just by paying an extra R500 a month into your bond account?” Read the rest of the story here...

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