Buy Property - Calculate Costs
Our bond calculator is an excellent tool for establishing the estimated home loan you can afford to finance. You will need to take the following into consideration:
Our Bond Calculator will help you work out your monthly bond repayments. We recommend you use the Base Home Loan Rate as a benchmark. You should be in a position to afford repayments at this rate. Consider a 2% rise in the rate and determine your affordability - will you be able to afford an increase in your bond repayments? Naturally, a rate below the Base Home Loan Rate you qualify for is a bonus. Don't forget about the insurance premium on your home. Add this to your monthly bond repayment to assess your affordability.
Variable Rate vs. Fixed Rate
Our expert consultants are at hand to discuss the various home loan options. Basically you will need to choose between going with a Variable Rate or a Fixed Rate.
Variable Rate
This is the most conventional interest rate that would apply to most home loans. The rate quoted is linked to the Base Home Loan Rate and is subject to the fluctuations of this rate. Your debit order will be adjusted automatically should the rates change.
Fixed Rate
This is the rate contracted between you and the bank for a pre-determined term, 12, 18, or 24 months. A three-month Fixed Rate option is available for those who qualify. The Fixed Rate will appeal to those who wish to fix their home loan repayments without the influence of the Mortgage Bond Rate, allowing for better budgeting.
Please do not hesitate to contact us if you have any questions about our bond calculator or if you are seeking further advice about home loan and property finance or alternatively look at our tips and tools for when you buy property in South Africa.
- Your after-tax income
- Your current and future monthly expenditure
- Possible increases in the Base Home Loan Rate
Our Bond Calculator will help you work out your monthly bond repayments. We recommend you use the Base Home Loan Rate as a benchmark. You should be in a position to afford repayments at this rate. Consider a 2% rise in the rate and determine your affordability - will you be able to afford an increase in your bond repayments? Naturally, a rate below the Base Home Loan Rate you qualify for is a bonus. Don't forget about the insurance premium on your home. Add this to your monthly bond repayment to assess your affordability.
Variable Rate vs. Fixed Rate
Our expert consultants are at hand to discuss the various home loan options. Basically you will need to choose between going with a Variable Rate or a Fixed Rate.
Variable Rate
This is the most conventional interest rate that would apply to most home loans. The rate quoted is linked to the Base Home Loan Rate and is subject to the fluctuations of this rate. Your debit order will be adjusted automatically should the rates change.
Fixed Rate
This is the rate contracted between you and the bank for a pre-determined term, 12, 18, or 24 months. A three-month Fixed Rate option is available for those who qualify. The Fixed Rate will appeal to those who wish to fix their home loan repayments without the influence of the Mortgage Bond Rate, allowing for better budgeting.
Please do not hesitate to contact us if you have any questions about our bond calculator or if you are seeking further advice about home loan and property finance or alternatively look at our tips and tools for when you buy property in South Africa.
