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Refinancing - 7 Step Refinancing Plan  

What is refinancing (switching of bonds or re-mortgaging)?

Refinancing is when you replace your existing home loan with a new one from either the same lender or a new lending company. This is usually done to get a better interest rate to reduce monthly repayments or to release home equity funds. Refinancing is usually done through a refinancing broker.

Refinancing for lower payments

One of the most common reasons to refinance your current bond is to get a better rate which translates into lower monthly repayments. If you are struggling right now to pay off your monthly instalments, then you need to look for a better deal.

Refinancing to release equity

Another reason why people refinance is to get hold of some extra money by converting the equity they have in their property into cash. This is especially useful if your property has gone up in price or if you have paid off a large percentage of your mortgage. It is like taking out a loan, but the rates are much lower.

If still indecisive on whether refinancing could work for you, you could go through the following 7 steps.

Step 1
Check your loan agreement and check for any penalty clauses in the event of refinancing. Some financial institutions do not charge a penalty fee. If they do you can either wait out the penalty period or pay the fee if it will amount to a substantial saving.

Step 2
Add up all costs payable with any new lender i.e. the initiation and valuation fees. On average this should not be more that R1000-R5000 depending on lender. This is not a straight out of the pocket expense, since this will be deducted from the loan amount.

Legal fees should also be added on, but an experienced Bond Broker should be able to negotiate a discount on your Bond Registration fees.

Step 3
Contact a GPF consultant or mail us for an interest rate comparison from various lenders. Pre-qualification happens immediately. If you make contact before 11:00am we will get your qualification sone the same day.

Step 4
Do your calculations and weigh up whether refinancing will benefit you, whether the long term savings will outweigh the immediate costs of refinancing.

Step 5
Submit your application through a GPF consultant (086 110 6204) or complete the shortened online application click here. Preliminary qualification should only take up a few seconds of your time. We will negotiate a discount on your bond registrations fees, just to say “thank you” for using us.

Should you decide not to switch, but would like some additional information send us an email to: We would be glad to assist even if we do not benefit at all!

Step 6
After valuation and credit checks your new lender will issue a final approval

Step 7
Our lawyers will then contact you and assist you with the registration of your new bond


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