Bond switching, what does it entail? Sometimes your own bank with whom you have been banking for years, will decline your application for some reason. But we can get your bond application approved at another bank, and thereby switch it over to the new bank.
When this happen there will be additional costs involved like transfer, penalty and registration fees. However, we will discuss this with you, the client, before we will apply. We apply for a higher amount to ensure that all the additional costs are included in the total loan amount. This will enable you to receive the amount out that you needed at the end of the day.
Bond Switching Should Be Hassle Free
Bond switching shouldn’t be a huge headache for you. In some instances it wouldn’t be worth your while to switch though. But we will tell you upfront if it wouldn’t be in your favor to do so.
Should the bond switching costs be too high, we would rather advise you not to do so. Or if you wouldn’t be able to get a decent amount out after switching, then we will let you know. To find out if it would be worth your while, apply here.
In short, we will only recommend bond witching if it would be in your favor. And only if your own bank doesn’t want to assist you with a further bond.
If your own bank isn’t willing to assist you, and there is enough equity left in the property to switch the bond over, then it will make sense to switch. Especially when you would be able to receive at least R150,000 plus out after the costs has been covered.
Loans on Homes assists a lot of clients to switch their bond over to other banks or SA Home Loans and sometimes even get a better interest rate and instalment!
