MOVING A MORTGAGE BOND

If you are unhappy with your current mortgage bond and are looking to either move it from your current bank to another, or looking to transform it, CKM Home Loans can make this happen. They are the experts in mortgage bonds and know everything which is involved in moving a mortgage bond. Moving a mortgage bond by yourself can be risky but by having the assistance of CKM Home Loans by your side, this can be done quickly and affordably.

CKM Home Loans knows that there are many costs which come along with moving a mortgage bond and as such will work with each applicant to ensure that they can afford the transition they are wanting to be made.

Transfer Costs

As part of the costs involved when it comes to purchasing a new home or property are the taxes which the Government levies on property transactions. Theses taxes are referred to as the transfer duty and is paid out when you buy a property and it is in turn transferred into your name. When buying a piece of vacant land, transfer duties are paid on the value of the land only. If you buy a piece of property with a home already-built on it, the transfer duty is based on the combined value of the land and building.

Transfer costs are charged on sliding scale and depends on the price of the unique piece of property; the more expensive the property is, the higher the transfer costs will be.

As such for individual home buyers the scale is as follows:

• Property Value and Costs
• Below R 500 000.00 - no transfer duty.
• Between R 500 001.00 and 1 Million - A flat Rate of R 25 000.00
• Over 1 Million - R 25 000.00 + 8%
• Companies/Trusts/CC - Pay a flat rate of 10%.
• Example:
• Your purchase a House for 1.2 Million. You will pay R 25 000.00 for the first Million and 8% on R 200 000.00.

Mortgage Bond Calculators

In order to essentially discover what you afford in a mortgage bond, bond calculators can be utilised. These mortgage bond calculators are easy to use and provide property loan applicants with a good average on what they can expect to pay for the mortgage bond they need. Mortgage bond calculators are available by clicking on the following links:

• Absa (recommended)
• Standard Bank
• Property 24 (recommended)

So, whether it is a new home loan, a change in home loan, or a home loan extension that you need, CKM Home Loans can assist you through the entire process. They offer a free service. Apply online for their outstanding services by Clicking Here , and one of their consultants will get back to you to take you step by step through your mortgage bond application. They are so great they will even fill the application form out for you!

You can trust CKM Home Loans because they know the business of mortgage bonds.

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