for subscribers

How extra payments affect your home loan

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
0:00
play article
Subscribers can listen to this article
Most home loans are structured as an access bond, which means that, when you pay in extra money, it reduces the interest you pay on your mortgage and also leaves funds available for you to withdraw.
Most home loans are structured as an access bond, which means that, when you pay in extra money, it reduces the interest you pay on your mortgage and also leaves funds available for you to withdraw.

PERSONAL FINANCE

If you are confused about how advance payments to your home loan work, you are not alone.

With lockdown, many people are checking their finance agreements in an effort to take control of their finances.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in

E-Editions

All your favourite publications in one place.
Read now
Voting Booth
President Cyril Ramaphosa on Thursday tabled government’s economic recovery plan. What were your thoughts?
Please select an option Oops! Something went wrong, please try again later.
Results
Bold and decisive reforms
11% - 32 votes
Same old ideas
20% - 59 votes
More empty promises
69% - 203 votes
Vote