As a potential homebuyer, seeing the ‘upside’ of interest rate increases may seem like an impossible prospect, but the same rate hike that increases the money you owe also increases the money in your savings account. Click on the link to find out more:
As a potential homebuyer, seeing the ‘upside’ of interest rate increases may seem like an impossible prospect, but the same rate hike that increases the money you owe also increases the money in your savings account.This same rule applies to home loan deposits invested in an interest-bearing account.
Every rand counts in this challenging economy and that the higher the deposit amount, the higher the potential earnings. “Put your earned interest aside to add to your monthly repayments once the transfer is complete – this will help you to pay off your bond sooner.Homeowners wanting to maximise the earnings on their deposit should consider the costs involved in managing it – especially when the deposit is paid to a transferring attorney.
The second option for managing your deposit – paying it over to an estate agent – does not include the transferring attorney’s requirement to pay over 5% of the total interest. But many estate agents no longer offer this service following the change to the Property Practitioners Act earlier this year.
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