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Home Loan Financing and Remortgaging Frequently Asked Questions



1. What different types of remortgage deals are available and how do they work?

Many lenders offer a wide range of products - fixed rates, variable rates, access bonds, flexi-bonds, one accounts, for example. Ask our consultants to explain to you the relative pros & cons of these products so that we can find the right deal for you.

2. What is the interest rate I will be charged on the new deal?

Your Bond Busters consultant will be able to give you an estimate of the rate we believe you should be paying. This is just an estimate and will be subject to the approval in principal from the lender once we have submitted your deal. Once your property has been valued the rate will be confirmed.

3. How much better would my new rate be?

If your risk profile has improved since you negotiated your original bond (salary increase or property value increase) then the new rate offered to you should be lower. At Bond Busters we can calculate the savings to you over the lifetime of the bond by moving to a better rate.

5. How much will the monthly payments be at the new quoted interest rate?

Your Bond Busters consultant will be able to advise you of your new monthly repayments, and it will appear on the Final grant letter the bank gives you for your bond.

7. What are the redemption fees?

Your existing lender will charge a cancellation fee when you cancel the bond. However, as long as you wait out your penalty period (this can range between one month and 3 months) then your cancellation fee will be approximately R700. If you do not wait out the cancellation period then you will be charged the interest due over the cancellation period.

8. What other costs are involved?

You are liable for the bond registration cost when moving your bond from one lender to another. This is made up of the registration attorney's fees, deeds office fees and post & petties. Bond Busters has an exclusive agreements with selected attorneys that the registration will be done at a 40% discount, therefore minimising the cost to less than 0.5% of the value of the bond.

9. Will I have to pay arrangement fees?

Bond Busters acts free of charge to you, the client, or bond holder. We receive a commission from whichever bank we place you with (the bank which offers you the best deal).

10. How long should the process take?

Most people who have remortgaged in the last year have sorted the whole thing out in two weeks. Your Bond Busters consultant will give you an idea of the timescale involved.

 

 
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BondBusters is a member of the IDM Group.

IDM offers integrated financial consultation to consumers on their debt matters by facilitating intelligent solutions between lenders and borrowers.

IDM - Your partner in choosing the right debt solution.

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