You are Here > Podcasts > Listen: How to pay off your home and car

Listen: How to pay off your home and car

Oct 16, 2020

If you are confused about how advance payments work when it comes to your home loan and car finance, you are not alone. In this podcast, Maya (@mayaonmoney) and Mapalo (@womanandfinance) unpack exactly how access bonds work and when advance payments on your car can be used to settle the balloon payment.


  1. Dear Maya. My husband and I purchased a house in 2018 for R1 650 000. We paid in R200K as a deposit towards the house. Shortly thereafter I resigned from my work. We used some of the funds to build rooms which we are renting out. We are left with about R345K. Is it wise to pay it into the house ? We want to finish the house sooner. If we start paying R15K every month from January 2020 how long will it take us to settle the house. The balance is now R1 374K. Thank you

    • I play around with the Nedbank home loan calculators when I want to see the impact of additional payments
      It would not be right for me to advice on what you do with the lump sum as there are a lot of other factors to consider such as whether or not you have sufficient funds for retirement etc. If you put the lump sum into the bond make sure it is accessible in the case of an emergency. You need to make sure you are putting money away for retirement – you cannot eat your house!

  2. Thanks Maya, been following your advise, R500 extra makes huge difference in number of months cut off



Submit a Comment

Your email address will not be published. Required fields are marked *

Maya Fisher-French author of Money Questions Answered

Previous Articles

Listen: Investigating crypto scams

In this My Money, My Lifestyle podcast we delve into the world of crypto scams which seem to be mushrooming everywhere, despite repeated warnings from our authorities. How do these crypto scams work? How do people get lured into parting with their hard-earned cash?...

Listen: Talking to your children about money

How do you teach your children to manage money? It starts at home, says 13-year-old Alidzulwi Tshikosi, author of Not being authentic can be costly - a warning tale of a young man who uses credit to live beyond his means and which ultimately destroys his...

Don’t ignore your credit providers

The Credit Ombud wants to remind consumers that there are ways to ease the woes that come with being unemployed while having debt, and you shouldn’t just ignore your credit providers. If you’ve just lost your job or have had your salary reduced due to the Covid-19...

Listen: How to select the right ETF in this crazy market

In this podcast, @Satrix_SA Chief Investment Officer, Kingsley Williams joins Maya Fisher-French (@mayaonmoney) to provide some guidelines around selecting the right ETF for your needs. He also gives us some perspective on the investment landscape for 2021. How do we...

Listen: Pros and cons of debt counselling

For many people COVID has had a major financial impact and some may be considering entering debt review. In this podcast Maya (@mayaonmoney) speaks to David O’Brien of debt counselling firm Meerkat to explain how debt counselling works and how to choose a good debt...

The best way to settle your car finance

Advance payments on car finance do not work the same as on your home loan, so it’s worth understanding how to make the most of it. Any debt that you pay off sooner than required will save you money on interest. However, you need to understand how advance payments work...

Listen: How to negotiate your retrenchment package

In this podcast, Maya (@mayaonmoney) speaks to labour lawyer Michael Bagraims about your rights when it comes to voluntary retrenchment – the benefits you receive, and what rights you give up. If you are being offered voluntary retrenchment, listen to this first.

Listen: What you need to know about car finance

How does a balloon payment work? What questions should I ask my dealer? Can I settle my car finance early and what happens if I want to give my car back? Maya (@mayaonmoney) chats to vehicle financing expert Henry Botha of Absa Vehicle and Asset finance to answer...

Video: Loan scams

There has been an increase in loan scams as people become financially desperate and see a cheap loan as a way out of a financial crisis. My own inbox is flooded each day with emails from companies claiming to offer really cheap loans. Many of these emails use the...

Listen: Smart tricks for Black Friday

Maya (@mayaonmoney) is joined by personal finance blogger Brendan (@Your_Money_Blog) to discuss Black Friday. They chat about their approaches to Black Friday, and offer some tips on online safety when shopping for deals.  

Pin It on Pinterest

Share This