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Managing the impact of rising interest rates on your home loan
Senior Member


In this time of rising interest rates, many consumers are reaching for their calculators to work out just what it might mean for their home loan repayments. If you’re among them and think you might struggle in the near future, you may want to consider some solutions to reduce the impact on your family.


Below, we highlight a handful of ways that can help keep you afloat:

  1. Keep a record of everything that is spent over a month
    Examining your expenses critically will reveal where money can be saved. Reducing spending on ‘non-essentials’ can make a huge difference, especially when you cost these items out over 12 months.  For example, you can save about R4 200 a year if you if you cancel your satellite TV subscription. It may seem like a little less fun, but it’s worth it to secure your home.

  2. Seeing if your savings enable you to pay more than required into your bond
    This will deliver short-term and long-term benefits. In most cases, it will insulate you from further rate increases. In the long-term, and depending on the size of the increased contribution, you can shave years off your repayment period and save on interest payments.

  3. Allocating a portion of any extra income or an annual bonus payment to your bond 
    This can shield you from interest rate increases and be a great investment in your future. Also, if you have an access bond facility, these extra payments could be accessed in times of financial strain or emergency.

Though it is certain that interests rates will eventually decrease, the cycle will continue. It’s smart to live by the above advice, no matter the state of the economy, to help ensure your financial stability.


Click here for more information on managing your home loan with Standard Bank