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:


Recommended

by NEWSROOM AI

702 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 702 community a safe and welcoming space for all.

702 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.

702 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
[LISTEN] Father shares how he shot the man who raped his daughter

[LISTEN] Father shares how he shot the man who raped his daughter

Johannesburg father, Chris says he had just come back from work when he walked in on an employee raping his 17 year old daughter.

Why the PAC wants South Africa renamed Azania

Why the PAC wants South Africa renamed Azania

Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.

Is the lovable Winnie The Pooh a boy or girl?

Is the lovable Winnie The Pooh a boy or girl?

A trending Twitter debate has left social media users arguing over whether Winnie the Pooh is a girl or boy.

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.

Bad temper? 6 tips on how to keep your anger in check

Bad temper? 6 tips on how to keep your anger in check

Anger is a strong and natural emotion that everyone experiences every now and again. Here's how to manage your reactions.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?