An access bond is a powerful tool that can help you save on interest charges on your home loan. By using your access bond as a method to save, you can make extra payments into your bond account and reduce the amount of interest payable on your mortgage. Quintin McKenzie, Provincial Manager Gauteng for Bond Gallery, offers some insights into how you can make the most of your access bond to save money on your mortgage.
According to Quintin McKenzie, “An access bond is a flexible type of home loan that allows you to deposit extra funds into your bond account and withdraw them again if you need to. This means that you can save on interest charges and reduce the term of your loan, without losing access to your savings.”
He goes on to say, “The key to using your access bond as a savings tool is to be disciplined with your extra payments. By making regular extra payments, you can make a significant dent in your mortgage and save a lot of money in the process.”
To get started with using your access bond as a savings tool, McKenzie recommends that you start by determining how much you can afford to pay in each month. “Once you know how much you can afford to pay, set up a regular payment schedule to ensure that you are consistently making extra payments into your bond account,” he advises.
Another key tip from is to use any lump sum payments you receive, such as a bonus or tax refund, to make extra payments into your bond account. “By making a lump sum payment into your bond account, you can reduce the outstanding balance on your mortgage and save on interest charges,” he explains.
In conclusion, using your access bond as a method to save on interest charges is a smart financial move that can help you save money over the term of your mortgage. By making regular extra payments and being disciplined with your savings, you can take control of your mortgage and achieve financial freedom faster. As Quintin McKenzie states, “With the right approach, your access bond can be a powerful tool to help you save money and reach your financial goals.”