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This one simple change can knock six years off your bond and save you R302,084.63

by , 26 May 2016
This one simple change can knock six years off your bond and save you R302,084.63
What if I told you there's a simple way to knock six years off your bond repayments and save R302,084.63. in the process?

Would you believe me if I told you that you can pay your bond off faster, without increasing the amount you pay each month?

In fact, you won't have to make any drastic changes to your lifestyle at all. I've found a special solution to help you do just that. Just wait until you see how easy it is.

Read on below to find out more...

How the bank is ripping you off and how a small change can save you big time and help you pay your bond off faster

 
Let me use a simple example to show you just how easy it is. Let’s say you have a 30 year bond on a house worth R500,000.
 
The bank will charge you around 9% interest and your monthly repayments will be about R4,023.11.
 
If you add it all up, by the time you’re done paying this bond, you would have paid close to R1,448,320.71 on a house that costs one third of that.
 
That means, on interest alone, you’re paying a whopping R948,320.71!
 
So here’s the simple solution...
 

Split your bond payments in half and start knock years off your home loan

 
Let’s stick to the example of the 30 year bond above and I’ll show you how this works.
 
Instead of making the normal monthly payments, split it down the middle and pay half every two weeks.
 
   
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If your bond payment is R4,023.11 a month, you’re going to basically pay the same amount with a different schedule.

Instead of paying R4,023.11 once a month, you’ll send one payment for R2,011.55 every two weeks. You won’t increase the amount you pay every month, so your pocket won’t feel the change.
 
Let me show you how it works...
 
Making payments this way, you won’t feel a thing
 
A month is a little longer than four weeks. So, when you make the switch over the course of the year you gradually get further ahead in your payments…
 
By the end of the first year you’ve paid the equivalent of 13 months not 12.
 
The maths is quite simple.
 
A monthly bond payment of R4,023.11 comes to R48,277.32 a year. You’re paying once every two weeks, making 26 half payments over the course of a year.
  
 
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That means you’re making 26 payments of R2,011.55 – totalling R52,300.43 or one month’s extra payment every single year. Since you’re paying one month extra every year, you’re increasing the amount you pay, reducing the amount of interest charged and cutting the amount of months you need to pay towards your bond.
 
It all adds up in the end.
 
In total you’ll only pay R1,146,235.20 over a period of 23.74 years. Doing the “normal” way you would have paid R1,448,320.71. That means by making this simple change, you’ve saved R302,084.63.
 
Most banks offer this service. And some won’t even charge you extra to make the change. I’ve already spoken to ABSA and Standard Bank for you. They agree it’s a good idea and are more than happy to accommodate you.
 
So, what are you waiting for? Call your bank today and ask if it’s possible to make this change.

Let's build your wealth together,


Aiden Sookdin,
Author, The Minimum Wage Millionaire
 
P.S. The sad thing is that most people just accept the fact that they’re going to pay these colossal amounts on their bond. They never get to read MoneyMorning and will never find out about this really easy way to reduce your bond payments and save a small fortune in the process.
 
So if you know someone who needs to pay off their bond faster, send them this link, it won’t cost you a cent but it will make a dramatic difference in their lives.



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