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South Africans burning billions in interest over-payment


03 May 2005

Business Report

Independent mortgage consultants Bond Busters, recently launched in South Africa, say they can save bond holders billions of rands of wasted interest repayments.

Acting as a free, independent bond broker, Bond Busters have launched Bond Busters Rate Index as a mechanism for house owners to check whether they are paying a fair rate of interest.

Bond Busters offers free, impartial advice to anyone wishing to find out whether they are paying too much interest on their mortgage. If they are, Bond Busters searches the lending market on their behalf to find a better deal.

Founder and managing director Ian Wason, a former UK Chartered Accountant, says: "The length and breadth of the country South Africans are burning billions of rands every month in interest over-payment because they haven't taken the time to check whether the rate they are paying is competitive.

"Banks base interest rates on risk profile. If, since you took out your bond, the value of your house or your household income has increased, then your risk profile has dropped. This alone should be enough to secure a better interest on your bond.

"In the UK, households switch their mortgages to different lenders every few years to ensure they take advantage of more competitive deals. Re-mortgaging, or 'switching', accounts for nearly 50% of all mortgage advances made in the UK."

Bond Busters says the potential savings are staggering. A bond holder, reducing a R500 000 mortgage from Prime -1% to Prime -2%, would save R222 000 over the term of the bond - virtually half the original value of the mortgage.

Bond Busters is part of the Cape & Country Group, which includes three divisions.

Bond Busters is the domestic operation helping South Africans reduce their interest rates and pull out equity from their homes.

Cape & Country International is the re-mortgage and new bond division specialising in foreign and South African buyers, living and working overseas, purchasing property in South Africa.

Cape & Country Commercial is the specialist division for arranging finance for small to medium sized developments in South Africa.

Enquiries: call 0861 287 837.
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