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Question
Posted by: shaz | 2007/04/24

A little info please

Hi

Just wanted to find out if any of you can give me a liitle info on bond pmnts...we bought a house recently, and our frst installment is what we signed for, after that there is a R600.00 increase...I phoned the bank, and they said that is the way it works - your first instalment is what you signed for, and after that it will be more.. you budget for what you sign for, and next thing you got to find R600 extra...is this really how it works..(I know if the interest rate goes up - yes, but to fool you like this...)
Any info will be apreciated.

Thankyou

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Our expert says:
Expert ImageGay, lesbian and bisexual expert

Hi Shaz (shazdi?), good to hear from you but sorry that I can't help you with this one - def not my field. Call me at Triangle Project and I'll try to put you in contact with someone who could help you.

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1
Our users say:
Posted by: Chameleon_boy | 2007/04/24

Go through your purchase contract, this should indicate what the increase is for, usually insurance. If it is it should be indicated in the contract as such. Otherwise go to your bond manager (at the bank) and insist he explain why there is an increase. This might be fine print that was never explained to you. If he refuses make sure you report him/her to the banking ombudsman. But i dont think it will go that far. Usually when you pitch and demand something explained they do it...

Good luck

Chamboy XX

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