hold on to your home
29 May 2008

Soaring fuel and food prices together with high interest rates have resulted in many South Africans struggling to keep up with bond repayments. Deon Lessing, marketing director at Betterbond, provides some useful hints on how homeowners can continue repaying their mortgages under the current market conditions:

• Trim the unnecessary.
• Trade down.
• Eradicate other debt.
• Don’t skip.
• Seek a lower interest rate.
• Increase the loan period.
• Consolidate.
• Interest only.

Homeowners should bear in mind throughout these difficult economic times that the quicker a home loan is paid off, the less interest will be charged. Therefore, whenever possible, extra funds should be paid into the home loan.

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