Wow

Yoh yoh yoh, TEACH US. Amazing truly. You had a plan, implemented and it delivered

@@FinancialBunny i wish that more black people knew this instead of wanting to buy a small expensive house in suburbs where they can't even breathe because of it's costs. Start small in the township (if that's where you are rooted), create financial freedom by small investments then buy big ONLY WHEN YOU CAN AFFORD TO DO SO. Being business driven and having the gift of being able to do things for myself, I rented a chair in a Salon at the age of 18, registered my business, opened 3 separate savings accounts to control my spending, got bond approved at 21 with no credit in my life is beyond me. In highschool I was already paying for my fees because of doing people's hair after school, weekends and holidays and I managed to pass and I'm doing my BCom Honours

Lol 😂😂 lie

Does this person know CGT? Anyway, stop lying to us. you sold two houses in the hood for R6mil plus? pssssh.

Lol

Why is everything about race & gender yeeerr ?

Look at all that interest saved. That’s an investment apartment

Well done!!! 👏👏👏👏👏

I like that idea and i'm sure it takes a huge discipline and sacrifice .

Nthabiseng Mokwene well done. You beat the system ✊🏾

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100% correc

It's zero taxed, legally. That's the nicest part of it. You save a lot on interests, and you can even use that money if you want to, as long as you have not cancelled your bond. Banks don't like it, but there is nothing they can do about it by law.

Another thing on top of this, if you want to play with the system, you can just refinance over a short period for things like a car, another bond etc, at the most lowest interests. Few people use this because they don't know how it works. It's super cool.

@@bonganiskosana5114 thank you sir... I'll explore those options...

@@bonganiskosana5114 good morning...if I am paying extra and I have access bond facility... I can use the money in the access bond and not be charged extra... If the bond is 4k and I pay 8k.. Nd I would finish paying in 10 years becouse I pay double it doesn't get affected if i use some of the money I have payed extra?

I don't agree with you

Email me at mishqaachmat20@gmail.com I will show you how to get your credit rating to 750

The main issue here is your affordability...

Check Property24 website...look for Mortage Bond Calculator.

With a car every 10000 you put as deposit decreases the installment by 100

Wow!! That’s so little 🤦🏽‍♀️

Thank you

Anne Day thank you so so much. Please keep up with your work here. You’re truly very helpful to me and a lot of people out there

I agree.

thomas Rammutla you don’t need to close off the account that’s the trick

@@FinancialBunny Thanks for this useful tip, so one would necessarily pay off the bulk of the loan and lets say for arguement sake on a 20 year bond worth 800000 principal debt, pay off 799999 and be left with the interest of R1 growing at lets say 10.5% pm until 20 years have elapsed?

Not necessarily Thomas. If you give the bank 90 days notice that you will be paying off the loan then there is no penalty fee. You can also pay off the loan and only owe R1000 for the remaining months of the 20yrs. This becomes an access bond that you can use to pay for other things with the same interest rate.

If you give them notice they can't penalise you, penalty comes when you need to immediately settle and close the account.

correction. Bank can only penalyz you if you settle more than 250k bfo time..but if less they can't. also only allowed to penalyze u max 3 months of interest

She does own one

not just a home but properties...

She has got a lot of properties

She has lots of properties

I know right 😂😂😂 , this is a lot more applicable when you are in an executive job position because you qualify for 20k instalment per month, so if you lower, you’re paying 15k

Please elaborate by rich people buy for better returns

@@dudettethechicklet2828 higher price tag in high valuated market e.g. buy a 1 bedroom in Rosebank is different from buying the same room in kempton park. In short, go big if you have the appropriate plan.

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Sihle Socishe ok, agreed

Why not?

@@faithmabale6051 Its called opportunity cost, when you make additional payments you locking up cash that you could lets say have used to buy shares, bonds, etc. These assets will bring additional income which will offset the interest rate paid while at the same time giving you an income. You increase your asset base, which is a positive for for your credit score and plus you diversify your portfolio. Locking money in an illiquid asset like a house is not always a great idea, houses are not good storers of value. One mustnt forget that a house is like an other asset and its prone to market forces and when you lock so much value in your house you stand to lose aloy when the matket turns. I hope u understand, typed this in a rush! Forgive errors

@@williamchabalala7373 .this is an interesting view.. but what if you want to close it off earlier? I mean that is usually the main reason why one would want to add more into the chunk of this debt

@@zimumuhlemachika4184 you can still do that by liquidating your assets and taking the proceeds to pay off the house.. The only difference is that you are not looking money into one asset and also yoi are creating another income channel which u can potentially leverage to create more wealth... If you decide to layoff the house, all you do is liquidate your position and pay of the house!.

So you would advice that one splits the extra amount in two..say maybe I pay a R1000 extra.. take the R500 and buy shares then take R500 pay into the home loan?

Tshepo Shibane You are dumb

For a house yes, a car maybe not

Yes it does Andy

A huge deposit for a home loan increases your chances of getting favourable interest rates and for being approved in general