October 2, 2014

south africa debt consolidation loans


 

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south-africa is one of the great debt consolidation options, they have expert financial advisors that can help you make the right choices in consolidating your debt. south-africa have saved people so much money by reducing their interest rates, by consolidating multiple credit cards, clothing accounts, etc.
if you have multiple debts that have a very high interest rate, consolidating that debt can save you hundreds if not thousands every month.
i would recommend filling the form out on the right and getting an approved advisor to help you consolidate into one loan.
home loan
take out this loan when buying an existing residential property.
to apply for this home loan, your property must be worth at least r300 000 and you must be a south african resident.

 
bonds
bond lets you borrow 100% of the purchase price of your house plus 8% more to cover additional costs associated with buying a house.
south african residents up to 49 years of age who have had stable employment for 2 years and earn at least r10 000 single or jointly per month can apply for this home loan. purchase residential property for your primary residential purposes.
minimum property value of r300,000 up to a maximum of loan amount of r2 million
what is bond plus
  • helps you cover additional expenses
  • you can choose either the fixed- or variable interest rate option
  • minimum bond amount of r240 000 up to a maximum of r2 million
  • no deposit is required
  • combine this home loan with a range of flexible options

building

you can apply for a building bond if you are intending to build a home. once the building is completed, your bond will revert to a normal home loan.
anyone planning to build a home or make major renovations can apply for this home loan. from the date of bond registration, building must start within 6 months and be completed within 1 year.
what’s in it for you?
  • build your dream house from scratch
  • no more headaches searching for the right house
  • you pay interest only during building
    progress payments (max. 6) are made as work has been completed
    up to 20 years to pay back the loan
  • the builder must be registered by the national home builders registration council (nhbrc)

foreign choice
a signed agreement of sale or offer to purchase a property, as well as a 50% deposit of the property price, is required. the 50% deposit must originate from foreign funds transferred to south africa. temporary residents require a copy of a valid work permit.
why should you go for this bond?
  • purchase a prime holiday retreat
  • invest in a property for future use
  • rent out the property or keep it as a holiday home
  • receive statements or check your account via internet banking, if you are registered with south-africa internet banking

the one account from south-africa is just that – one account. the single facility, secured by your home, fulfils all the functions of a cheque account, overdraft, personal loan and home loan.
why should you go for this bond?
  • receive up to 10% of your total facility amount up-front so that you don’t have to wait until your bond is registered to access your funds
  • use one account for all your banking transactions
  • view your overall financial position at a glance as your accounts are all part of one facility, with a single statement
  • pay less interest than you would if you applied for various south-africa debt consolidation loans separately by taking advantage of a low interest rate normally associated with that of your home loan
  • keep the same facility for life, even if you sell an existing property and buy a new home
  • any deposit reduces your outstanding balance which decreases the interest payments

  • complete list

  • traditional home loan

    take out this loan when buying an existing residential property.

    bond plus

    bond plus lets you borrow 100% of the purchase price of your house plus 8% more to cover additional costs associated with buying a house.

    building bond


    you can apply for a building bond if you are intending to build a home. once the building is completed, your bond will revert to a normal home loan.

    foreign choice

    this allows a foreigner or a south african who has emigrated to purchase a property in south africa.

    one account

  • fnb consolidation loans

    the one account is an innovative product, secured by your home, that fulfills all the functions of a cheque account, overdraft, personal loan and home loan.


    choose the right facility for you

    when applying for a facility on your home loan product, an affordability assessment will be done to find out exactly how much additional finance you can access.

    flexi bond

    you get access to surplus home loan funds 24 hours a day, 7 days a week if you have a transactional account with south-africa. alternatively, access to funds is available during business hours. surplus funds include any prepayments, as well as a percentage of capital you have already repaid on your home loan up to a pre-determined limit.

    future use

    this enables you to register a bond greater than the home loan amount you require, creating an extra amount that may be accessed at a later stage.

    pre-paid finance

    withdraw any additional money that you have paid into your home loan account.

    repayment choice

    increase your monthly instalment and save on interest. this also allows for you to pay off your home in a shorter period of time.

    re-advance

    this gives you access to the funds that make up the difference between your original registered home loan and the outstanding balance.

    further bond

    obtain funds by registering an additional amount over and above your original registered bond amount.


    interest rate options

    fixed rate

    for the duration of your contract period (12, 18 or 24 months), the interest rate on your home loan remains fixed and is unaffected by any rise or fall of general interest rates.

    variable rate

    this is the standard interest rate option. the interest rate varies in line with current interest rate movements.

    ba linked rate

    the interest rate is directly linked to the publicly quoted three-month safex ba rate (bankers acceptance rate) and offers a highly competitive means of financing your home loan.


    home loan insurance

    home owner’s cover

    this insures your house and any structural improvements to the property. this cover is compulsory with any home loan.

    home loan protection plan

    this plan provides peace of mind in the unforeseen events of death, temporary and permanent disability and retrenchment.


    value adds

    south-africa acts for ex-saambou customers

    recent media reports have made reference to possible interest rate miscalculations prior to south-africa acquiring the majority of saambou home loans in 2002.

    ebucks

    please note that as of 1 march 2007 ebucks will no longer be earned on home loans, but only on specific promotions. any ebucks earned on home loans up until this date will not be affected and are still yours to spend.

    incontact

    this is our free messaging service. you will receive real-time notification of deposits, transfers, withdrawals and purchases on your south-africa accounts via sms and/or email.


  • all information above was extracted from south-africa


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south-africa debt relief solutions

what is the south-africa debt relief solutions?

what are the key benefits of south-africa debt consolidation?

what about other fees?

by how much can you reduce the costs?

what is the process to south-africa’s debt consolidation?

how does it work?

do you have made multiple budget plan transactions with your south-africa credit card?

what about balance transfer?

are there any other assistance for my credit card?

what do i have to do if i want to consolidate?

 

the smart alternative to managing debt

do you have a lot of consumer debt? consolidation is the way to manage it. a lot of people are worrying about making the monthly payments on these high interest debts but don’t know how to deal with it. either they are oblivious to other options or they do no know where to turn to. there are those who may be aware of what to do but they do not appreciate the full benefits . debt consolidation offers an easy way to manage your debt.

what is the south-africa debt relief solutions?

if you are struggling to keep up with your monthly south-africa credit card repayments or simply struggling with cash flow, then south-africa has come up with tailor-made debt relief solutions just for you!

south-africa credit card has custom made debt relief solutionsfor you to help you increase your monthly cash flow and lower your credit card repayments.

what are the key benefits of south-africa debt consolidation?

there are two key benefits. the first is since you consolidate the loan into one larger one, the repayment becomes easier to manage. the second is since the loans are fewer in number, there are lesser bank charges. this means more savings for the customer at the end of the month.

what about other fees?

service fees, initiation fees, and insurance charges are not duplicated. this constitutes a fair amount of savings for customers. this obviously means more money left at the end of the month—or a quicker repayment of the total loan amount.

by how much can you reduce the costs?

you can reduce the costs by as much as 20% per month. you just have to watch out for the interest rate charged. vigilance is the key.

a customer with five r5 000 loans across different financial institutions could be paying up to r600 per month purely on administration and insurance fees. by consolidating the loans, these fees would be reduced to r283 a month with an south-africa smart send or personal loan.

a r5 000 loan over 24 months will cost r427 per month (five would cost the customer r2 135 per month) and a r25 000 loan over 24 months will cost r1 698 per month (r437 saving per month or r10 488 over the 24 months).

what is the process to south-africa’s debt consolidation?

·         choose a debt relief solution

·         calculate the amount you would like to consolidate

  • choose the repayment period you want
  • set up a auto-payment solution

how does it work?

it goes straight to your budget. consolidate your total straight balance and your budget balance into one budget plan and reschedule your payments over a period from 6-60 months at your current budget interest rate. choose a payment plan that works for you, plus you’ll get the added benefit of having funds available on your south-africa credit card after every months repayment.

do you have made multiple budget plan transactions with your south-africa credit card?

simply consolidate your multiple budget facilitiesinto one and reschedule your repayments over a shorter or longer period at a set interest rate. this solution allows you to lower your monthly credit card budget facility repayments over a period from 6 – 60 months.

what about balance transfer?

with a balance transfer from south-africa you can consolidate any retail, store, short term or personal loan that you may have and transfer it onto your budget facility at a promotional rate for the first 9 months!

are there any other assistance for my credit card?

if you have been missing your south-africa credit card monthly repayments or simply strugglingto keep up with them, there is a solution.

south-africa has come up with a unique debt relief solution to assist you with paying off your south-africa credit card balance with no risk of it increasing!

the south-africa credit card assist plan gives you the peace of mind of choosing a repayment period from 6 – 96 months, enabling you to pay off your credit card balance in a timeframe that suits you.

what do i have to do if i want to consolidate?

if you’d like to consider debt consolidation, speak to your bank—but find out what interest rate the consolidating institution offers. it’s obviously pointless if your loan repayments end up increasing because the interest rate they’re offering is higher on the consolidated loan than the individual loans.

ask for a settlement quote from each of the institutions you have loans with, then take the quotes to one bank and get a quote on consolidating the debt. this quote should detail, line-for-line, every cost involved in a loan, including administration and insurance fees. if you’re not getting this, you’re at the wrong place. so be a savvy consumer and make sure you get the best possible consolidation package. the saving will be worth it.

it’s the way to go if you want a smart way to manage your debt. based on your experience, having too much loans that you are juggling is a headache. why not get rid of this problem by choosing the right solution to having multiple payments. simplify your life now and choose to consolidate your debt. do this by taking advantage of the power to settle your credit card balance on your own terms!

For more information, visit ABSA Consolidation Loan.  Or you could also look at Standard Bank Consolidation Loan




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