Listen: Why it takes forever to reduce your home loan

Why does that extra R500 paid into your home loan make such a big difference? Maya Fisher-French (@mayaonmoney) and Mapalo Makhu (@womanandfinance) have the answer in this week’s My Money, My Lifestyle podcast. They also look at why you should start saving as soon as possible for your kids’ education.

 

5 CommentsLeave a comment

  • Hello Maya,
    I have to say that I am now disappointed about the podcast only; as I cannot read for myself about the topic at hand, and now I have to listen to the podcast, where you are also talking about other unnecessary topics

  • I look forward to these podcasts ! Thanks so much Maya & Mapalo. Great job. I’m sad it is actually so short haha.

    I have a burning question.
    I still have a car loan of R221 000 capital balance.
    I’m really regretting buying such an expensive car. It is almost 2 years old. My question is do I trade it in for a cheaper car or just try and pay off the loan quicker?

    2nd question: I bought an investment apartment this year. If for some reason I want to sell the property due to unfvorable environmental/safety issues, how soon do you think I should put it on the market? Cost implications etc. Tax ?

    Thanks so much.

    • It is worth doing a bit of research. How much could you sell the car for and would that cover the outstanding loan? How much would you save on petrol and insurance on a smaller car?
      In terms of the property you would have incurred transaction costs so it is unlikely you will make any profit – so tax wouldn’t be much of a concern. Remember you can include all transaction costs as base costs for capital gains

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