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Listen: The 20-year home loan fallacy

Sep 13, 2019

In this week’s edition, Maya (@mayaonmoney) and Mapalo (@womanandfinance) explain how you can pay your house off as quickly as your car. Also, In the light of the recent raid by the authorities on CoinIt and Commex Minerals, they discuss the increase in dubious investment offers and how easy it is for financially desperate people to fall for a scam.



  1. I have been paying more on my home loan and very close to pay it off. I just received some money in December and I decided to deposit it all to my home loan as I did not want to keep it in my savings account for too long while deciding where to invest. My loan is fully paid off now. I noted that my home loan outstanding balance is now has a negative amount and I have some thousands as well on available balance. I am not intending to cancel the bond.
    1. Will I continue earn interest if I keep the money and continue paying money to the account or I should arrange with the bank to withdraw the excess money and invest it elsewhere?

    • Definitely withdraw the excess – you do not earn interest on a mortgage. Well done on being debt-free!

  2. Good morning
    I would just please like to know if i pay in extra on my bond when do i do that?
    I have heard the following suggestions and need correct info.

    Do i split my repayment into 4 weekly payments instead of 1 monthly debit order?
    Do i tell the bank that the extra im praying in should be capitilised?

    Thank you for the help

    • Interest is calculated daily – so if you pay a day early then technically you save interest. But splitting your payments into four doesn’t make sense if you can afford to make the full payment immediately. The bank will automatically reduce the capital with any additional payments


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Maya Fisher-French author of Money Questions Answered

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